|AGR Group announced today that it has signed an agreement with Oceaneering International inc. whereby Oceaneering acquires 100% of the shares in AGR Field Operations, contingent on regulatory approval.
The price is set to 1 365 MNOK on an enterprise value basis. Closing is set to take place mid December 2011.
AGR Field Operations has performed very well over the last few years, and had now grown to a size where another parent than AGR had more to offer. Oceaneering seems to be a good fit for FO and will be an excellent home for the divisions further growth and development.
For the rest of AGR this transaction enables a further increased focus on AGRs products and services. A process has already been established in order to disintegrate Field Operations from AGR wrt offices, IT etc. AGR and Field Operations can of course keep cooperating based on the business needs of each division.
Technology Design Ltd