AGR Group releases its Q4 Financial Report
AGR Group announced its financial results for Q4 today.
AGR Group: steady growth with multitude of assignments
The company experienced increased activity in the last quarter of 2013 in comparison to the same period the year before. The operational margins were good and in line with previous quarters in 2013.
The full year ended with a total EBITDA of 175 MNOK. After adjusting for non-recurring items such as E&P costs, certain legal fees and costs associated with the ongoing strategic review, the proforma full year 2013 result was MNOK 208.
This is a significant increase relative to the 110 MNOK reported in 2012. The company has seen a steady growth in all business areas after it announced its financial and structural reorganisation in Q1 2013.
AGR experienced a busy year in 2013. The company drilled wells in West Africa, the Mediterranean and on the Norwegian Continental Shelf also delivering its first wells in the Hoop area of the Barents Sea. In 2013, AGR established a specialised rig team to tackle the problem of sourcing rigs and to ensure that the best available rigs are secured for AGR clients’ projects. With a particular focus on the North Sea, the team is also concentrating on the Norwegian Continental Shelf, Barents Sea and Africa bringing together the drilling contractors and the needs of its clients.
AGR’s Aberdeen based Well Management team is planning for upcoming drilling campaigns in Malta and Morocco. The company’s Norway team commenced the second Bredford Dolphin drilling campaign in October 2013 and is operating the unit on behalf of four international Operators. The team is currently planning wells in the Titan area on behalf of RWE Dea Norge, to be spudded shortly on Leiv Eiriksson. Other assignments in 2014 include P&A projects in Asia Pacific and an extension of the Statoil Frame Agreement for Well Management services.
AGR has commenced a new wellbore every 10 days since 2000. This achievement is proof of the company’s long-term experience and outstanding technical skills from operations conducted in all possible environments globally.
The report can be downloaded here
For more information, please contact CFO Svein Sollund, + 47 918 06 910.