AGR Group completes Asia Pacific purchase
24.01.2008
AGR Group announced today that it has finalised its acquisition of Australian headquartered Upstream Petroleum, through a final payout to the 5 original owners, replacing the two year earn-out mechanism contemplated by the original share purchase agreement. All 5 Owners are remaining with the business in new roles.
AGR Group CEO Sverre Skogen commented; "AGR Group is optimistic about the opportunities inherent in the business, and was pleased to bring forward full responsibility with this earlier payment. The finalisation of the acquisition creates a path to even tighter integration, over a shorter space of time".
"The Upstream business, when combined with our previous Peak acquisition, positions us as a quality oil & gas services business in the Asia Pacific region, providing complete life of field services, from initial exploration to long term maintenance programs.”
Johan Warmedal, CEO of the AGR Asia Pacific operation, who relocated from AGR Group’s Norwegian headquarters, commented; "AGR's Australasian business has a suite of offerings that are positioned to capture the trends in the oil and gas business. Bringing forward final payment allows the original owners to focus on utilizing their high level business development and technical skills, and to maximize the value of the excellent contacts and relationships they have established over many years in the region. It also provides AGR with full control and the ability to fully integrate all of its services in the region to compliment the global structure."