Norway: Oceaneering Buys AGR Field Operations

Oceaneering International, Inc. announced that its wholly-owned Norwegian subsidiary, Oceaneering AS, has closed the previously- announced definitive agreement to acquire AGR Field Operations (AGR FO). AGR FO is a provider of inspection, maintenance, subsea engineering, and field operations services, principally to the oil and gas industry.

The acquisition price was approximately $230 million, including acquired debt, and was funded with cash and debt from Oceaneering’s existing revolving credit facility.

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.

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Subsea World News Staff , December 21, 2011;  Image: AGR