Restructuring of AGR Petroleum Services Holding AS - AGR - Upstream Services, Training & Software
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Restructuring of AGR Petroleum Services Holding AS
Published 21.01.2014
AGR Group AS announcement on Oslo Stock Exchange:

AGR Petroleum Services Holding AS (“AGPS”) and its subsidiaries is a leading provider of well, HSEQ, reservoir and field management services to the oil industry (the “Petroleum Services Business”).

Furthermore, AGPS holds interests in certain oil and gas exploration and production licenses in Israel and 44% of the shares in AGR Energy AS, a company which has applied for oil and gas exploration and production licenses in the Republic of Cyprus and the Republic of Ghana (the ”E&P Business”).

In order to, inter alia, strengthen its focus on both businesses and create a more flexible structure for the benefit of all stakeholders in the group, AGPS wishes to separate the E&P Business from the Petroleum Services Business.

AGPS proposes to carry out a de-merger (the “Transaction”), whereby all the assets of AGPS, save for the E&P Business, will be transferred to a new holding company (“Newco”) with the same ownership structure as AGPS.

The intention is to structure the Transaction in a way that all the current assets, rights and obligations of AGPS related to the Petroleum Services Business are transferred to Newco.

As a basis for obtaining approval of the Transaction from the bondholders in the bond issue with ISIN NO 001 067073.0, AGPS has prepared the attached notice including a preliminary opening balance sheet for Newco and a valuation summary. The notice and the valuation summery are attached hereto as Appendix 1.

The business operations of the AGR Group will be carried out as currently conducted, with Newco as the new holding company for the AGR Group companies involved in the Petroleum Services Business and AGPS as the holding company for AGR Group’s interests in the E&P Business.

For further information, please contact: AGR Group CFO Svein Sollund at +47 918 06 91


Valuation Summary

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