Norwegian oil services company AGR has been acquired by an independent European private equity firm Silverfleet Capital as part of its global expansion strategy.
The transaction for the world’s largest independent well management group AGR Holdings totaled $265million and is set to be completed by the end of August.
“AGR has enjoyed a strong market position and experienced great growth over the last few years whilst operating across all the main oil and gas hubs,” said Åge Landro, AGR chief executive.
“We have grown by 13% annually over the last five years and have established ourselves as a truly global business.
“We are committed to providing the highest quality of service to our clients and, with Silverfleet’s support, AGR will be able to continue an international expansion strategy and deepen its range of upstream services.”
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