Current News

Home   >   Current News   

ABL Group to acquire AGR

Rig Lynx
  • By Rig Lynx
  • Mar 20, 2023
  • Category : Current News
  • Views : 1477

 

ABL Group has entered into an agreement with a subsidiary of Akastor to acquire 100 percent of the shares in multi-disciplinary engineering consultancy and software company AGR. The acquisition will bolster ABL Group’s offering within well and reservoir consultancy, enhance the group’s position supporting operators’ digitalisation and decarbonisation plans, and expand its opex-driven offshore energy exposure.

 

HIGHLIGHTS

 

  • Accretive acquisition with strong industrial rationale.

  • Consolidating well and reservoir services with globally recognised brand.

  • High-end resource solutions platform positioned for growth in offshore wind.

  • Additional capability and track record in CCUS and energy transition solutions.

  • Strengthens ABL Group’s software and digitalisation offering with fully commercialised platform.

  • The transaction will be funded through existing cash and issuance of consideration shares.

  • Shareholders representing approximately 40% of ABL Group shares have undertaken to support the transaction by voting in favour at the EGM.

 

'This is a good fit for ABL Group. The acquisition gives ABL Group a strong position in well and reservoir consultancy, grows our position within digitalisation and energy transition solutions, and expands our services with a resourcing offering that is already well established in the oil and gas sector and positioned for growth within offshore wind,' said Reuben Segal, CEO of ABL Group.

 

The acquisition of AGR, which has high brownfield exposure, builds on the previous purchase of Add Energy. AGR will bring scale to ABL Group’s well services, and increases the group’s exposure to the opex-driven phases of offshore energy. It strengthens the group’s suite of software products and digitalisation capabilities, and adds competence and scale to support energy transition technologies and projects.

 

AGR has a well management track record that spans more than 550 oil and gas wells worldwide. ABL Group aims to utilise its global office network to, in a cost-efficient manner, re-introduce AGR’s unique offering and capabilities to local operators in the key international oil and gas hubs.

 

In addition, the acquisition enables ABL Group to offer resourcing solutions across oil and gas and renewables projects at a time when talent scarcity is putting these projects and deployments at risk.

 

Following completion of the transaction, Add Energy will become part of AGR, which will continue as a stand-alone business line within ABL Group.

 

Source: ABL

 

Join our mailing list here


We are #1 on Google and Bing for the "Largest Mobile Energy Network"

Come join our community!

Download the Rig Lynx app here

 

Comments (0)

Leave Comment


Check out our other stories

Rig Lynx
Apr 09, 2023

  Q4 2022 Highlights   Seadrill relisted its common shares on the New York Stock Exchange (“NYSE”) with trading commencing on October 14, 2022, and following the NYSE relisting Seadrill’s status on the Euronext Expand changed from a primary listing to a secondary listing. Subsequently, Seadrill uplisted to the main list of the Oslo Stock Exchange with trading commencing on November 17, 2022. Seadrill added approximately $187 million of Order Backlog during the quarter, bringing the total as of December 31, 2022 to approximately $2.3 billion. Total Adjusted EBITDA for the full year of 2022 was $265 million, at the top end of Seadrill's 2022 financial guidance range. Operating revenues decreased by 15% to $228 million in Q4 2022 largely due to fewer rig operating days overall across the fleet. Total Adjusted EBITDA was $41 million in Q4 2022 in line with expectations and previous guidance, but lower than prior quarters primarily as a result of: (i) idle time for the West Tellus, which completed upgrades for its upcoming long-term campaign with Petrobras that commenced in early January 2023; (ii) fewer rig operating days for the West Hercules, which concluded its operations in Canada and subsequently demobilized to Norway; and (iii) not benefiting from a full quarter of operating results with respect to the rigs sold under the Jackup Sale. Consistent operational performance in Q4 2022, resulting in 95% technical utilization. Seadrill completed the sale of the legal entities that own and operate seven jackup rigs (AOD I, AOD II, AOD III, West Callisto, West Ariel, West Cressida and West Leda) in the Kingdom of Saudi Arabia on October 18, 2022 (the "Jackup Sale"). The Jackup Sale triggered a mandatory payment of $204 million (inclusive of principal, accrued interest and exit fee) under Seadrill’s secured second lien debt facility (the "Second Lien Facility"). On November 14, 2022, Seadrill made a voluntary payment of $269 million (inclusive of principal, accrued interest and exit fee) under the Second Lien Facility. Cash and cash equivalents, which excludes restricted cash, as at December 31, 2022 was $480 million. The increase was primarily driven by proceeds from the Jackup Sale, partly offset by debt payments made under the Second Lien Facility. In addition, restricted cash as at December 31, 2022 was $118 million. On December 22, 2022, Seadrill entered into a definitive agreement to acquire Aquadrill LLC (formerly Seadrill Partners LLC) in an all-stock transaction.   Simon Johnson, President & CEO, commented:   “2022 was an extraordinary year of transformation for Seadrill that began with our successful emergence from restructuring in February. We later completed the sale of our seven jackups in the Kingdom of Saudi Arabia which enabled us to reshape our capital structure through substantial debt prepayments. To conclude the year, we announced the return of Aquadrill to the Seadrill family. This transaction completed on April 3, 2023, and coupled with our other strategic initiatives over the course of 2022, we believe we have a solid platform for growth and enhanced performance in the future that will deliver value to our shareholders. We continued our excellent operational performance in 2022 and in turn delivered strong financial performance within our 2022 guidance.   The management team and I would like to thank both our onshore and offshore employees for their continued efforts throughout the year. Our strong operational record and continued commercial success is down to our staff, whose hard work has been instrumental in driving Seadrill’s development. As the industry continues its realignment, we look forward to continuing to play an active role through 2023."   Source: Seadrill   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here  

Rig Lynx
Apr 09, 2023

  QatarEnergy has entered into an agreement with Shell to acquire a 40% working interest in the C-10 block located offshore Mauritania.   Pursuant to the terms of the agreement, and subject to customary approvals by the government of Mauritania, QatarEnergy will hold a 40% working interest in the Exploration and Production Agreement pertaining to the C-10 block. Shell (the operator) will hold a 50% interest, while Société Mauritanienne des Hydrocarbures, ('SMH') will hold a 10% interest.   Commenting on the signing of this agreement, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: 'We’re excited about the opportunity to participate in Mauritania’s upstream sector which further builds on our exploration footprint in Africa, and we look forward to a successful exploration program.'   Minister Al-Kaabi added: 'We are delighted to have the opportunity to work with our strategic partner Shell and with SMH. We also look forward to collaborating with the Mauritanian government and thank them and our partners for their valuable support and cooperation.'   The C-10 block covers a total area of approx. 11,500 sq kms and is located approx. 50 kms off the coast of Mauritania in water depths of approx. 50 to 2,000 meters. Source: QatarEnergy   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here  

Rig Lynx
Apr 09, 2023

  The Norwegian Petroleum Directorate (NPD) has granted Aker BP a drilling permit for well 6405/7-2 S in PL 1005.   The well will be drilled at location 64° 15' 59.41'' N 5° 15' 36.99'' E by the Scarabeo 8 semi-sub.   Licensees are: Aker BP 40%; Vår Energi 40%; Norske Shell 20%.   Planned spud date is June 2023. Source: NPD   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here