Svenska and AGR Sign West Africa Well Management Contract Agreement

Svenska Petroleum Exploration Guinea Bissau AB (Svenska) has engaged AGR Well Management Limited (AGR) to plan, manage and execute their upcoming exploration campaign offshore Guinea Bissau.

Global oil services provider AGR has signed a contract with Svenska to deliver Well Management services for Svenska’s offshore Guinea Bissau drilling campaign. The contract involves provision of full Well Management and associated services, including drilling engineering and planning services, supply chain management and operations support for the drilling campaign on Svenska’s operated Blocks 2 and 5A licences.

Starting in the final quarter of 2013, the programme is for a minimum of one firm well with the option of two additional exploration wells dependant on results (rig contract allowing). The sequence length could therefore range from 45 days (dry hole case) to up to 180 days. This will be further clarified once the rig contract is tendered and the rig availability is known.

Jan Hagen, Svenska’s Executive Vice President, commented; “This programme shows Svenska’s continuing commitment as Operator with its co-venturers to maintain active levels of exploration offshore Guinea Bissau”

Ian Burdis AGR’s EVP UK and West Africa commented; “AGR is pleased to be working with Svenska on this exciting project. This is an important award and in conjunction with other recent contract wins, strengthens AGR’s position as the premier provider of Well Management and associated series in North and West Africa”

The Svenska project is the latest in a number of long term contracts secured by AGR. AGR has witnessed an increasing world-wide demand for its value adding Well Management Services.

AGR CEO Age Landro commented; “AGR has been focusing on building long term contractual relationships with key industry players and I am delighted we have secured this opportunity to work with Svenska. This forms a key part of our long term strategy and I am very pleased with the success we are achieving in implementing that strategy in our most important regions.”

Svenska Petroleum Exploration is a privately held Swedish oil and gas company engaged in offshore exploration and production of oil and gas in Africa and Northern Europe. Currently, it has activities in Angola, Cote d’Ivoire, Nigeria, Guinea Bissau, The Baltic Sea and Norway.

Operations are run from Stockholm, Oslo and London. The company is 100% owned by Petroswede which in turn is wholly owned by Sheikh Mohammed H. Al-Amoundi, one of the largest private investors in Sweden.

AGR is headquartered in Oslo, Norway. As the world’s largest independent well management group, AGR has established itself as the preferred solutions provider for the global upstream petroleum industry by enabling its clients to achieve increased HSEQ and operations performance savings.

Press Release, August 05, 2013