Norway: Oceaneering Completes AGR FO Acquisition

Oceaneering International, Inc. that it 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.

M. Kevin McEvoy, President and Chief Executive Officer, in November said “AGR FO will significantly increase our Inspection business, particularly in Norway, and provide us subsea inspection tooling to offer in other geographic markets in the future. AGR FO’s Australian operations will be reported in our Subsea Projects segment.

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.

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Offshore Energy Today Staff, December 21, 2011; Image: AGR