About AGR Group AS

AGR Group is a leading provider of essential services and technologies to the international petroleum industry, with a focus on three operating divisions – AGR Petroleum Services, AGR Drilling Services and AGR Field Operations.

With a worldwide reputation for its innovative, safe and environmentally-friendly solutions to key exploration and production challenges, the AGR Group has established prime position in a number of key sectors. Services range from assisting small exploration companies with their first licence applications, through to constructing and managing ambitious drilling programmes and on to providing expertise, technology and critical solutions for exploration, development, production and maintenance projects, including for some of the world’s largest oil companies.

As a European-based group we have also established two business areas - AGR Asia Pacific and AGR Americas - to carry our business forward in these important regions. The Group is focused on its growth and earnings performance while pursuing sound and ethical business practice.

At time of acquisition, Altor’s investment thesis was based on an attractive view of the oil service industry, combined with a strong value creation potential within AGR. Higher oil price and enhanced oil recovery would prolong the lifetime of installations and increase the need for inspection and maintenance services. The changing structure of the NCS was bound to change the operator landscape and increase demand for outsourced services. The fragmentation of the Norwegian oil service sector also created consolidation opportunities

AGR was in 2004 a perfect starting point to further broaden its product portfolio through add-on acquisitions, R&D and investments and bringing the technology international. The changing industry structure also triggered AGR to set up an independent drilling operation with turnkey solutions for operators.

AGR has throughout Altor ownership growth from EUR 30 million in revenue in 2004 to EUR 275 million in 2006 driven by exceptional organic growth and a string of add-on acquisitions. Altor has worked closely with AGR’s management and through the board since the time of acquisition.