First Geo has over the past 20 years primarily provided operatorial and wellsite geology services on the Norwegian Continental Shelf. The company has a team of over 60 professionals and is owned by Oslo Stock Exchange listed Akastor.
As part of closing of the merger, the current owner, Silverfleet and other AGR stakeholders (Nordea Bank and DNB) have entered into an agreement with Akastor to combine a new legal entity with assets from both AGR and First Geo. Akastor will hold 100% of the shares in the new company and 55% of the economic interest. The AGR stakeholders (Silverfleet, DNB and Nordea) will own the remaining 45% economic interest.
In addition, the merged company will roll over NOK 270 million of a debt of which DNB, Nordea, and Akastor will hold NOK 90 million each.
The merged company, AGR, will be managed by current Chief Executive Officer of AGR, Mr Svein Sollund, and aims to be a world leading provider of well management
services and software
provider, ranging from consultancy services to fully outsourced drilling and rig management projects. The company’s service offering replicates that of major oil companies and covers the entire value chain from qualifications to plugging and abandonment in addition to technical training
and consultancy manpower