AGR in disposal of units

Key technology: riserless mud recovery for AGR

AGR Group

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Steve Marshall

 05 February 2013 09:14 GMT

Oslo-listed oilfield services group AGR is selling off a pair of marginal units in a move to focus on development of its core drilling solutions business.

The Wellservices and Cleanup units are being sold to BR Industrier for Nkr43.2 million ($7.9 million) with the deal, subject to official approval, set to be completed this month.

Chief financial officer Svein Sollund told Upstream the pair, part of AGR’s Tools & Technology division, were no longer seen as being within the company’s core offering and the disposal was “an execution of our strategy” to raise cash for the enhanced drilling solutions activity.

AGR intends to use the proceeds from the sale to invest in further development of its key riserless mud…

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