AGR and Add Energy said Tuesday they were combining their expertise in drilling, wells, reservoirs, and energy transition technologies CCUS and geothermal under the AGR brand.
"Both strategic acquisitions have bolstered the group's comprehensive suite of services to drive optimization and efficiencies across oil & gas operations and the wider value chain," reads a press statement issued Tuesday.
AGR delivers drilling project management, well engineering, resource solutions, reservoir management and asset evaluation, wellsite & operations geologists, and software to support the oil and gas life cycle and decarbonization solutions.
According to the company, the consolidation broadens AGR’s overall service portfolio, bringing added value to clients and projects across the energy industry, with the combination of Add Energy’s teams, expertise and proprietary software within drilling intervention, specialised expertise in well servicing, well control and blowout contingency and in safety and risk management.
Svein Sollund, CEO of AGR, said:"Bringing Add Energy’s drilling and wells teams into AGR is a strategic move rooted in shared values and complementary strengths and service offerings of two industry leaders. By combining 70 years’ operational experience, knowledge and resources in well management and engineering, we create a partnership that positions us at the forefront of the energy industry. Add Energy’s well control, blowout contingency, and safety and risk management solutions strengthen AGR's overall service portfolio, allowing us to span the entire project lifecycle of wells, and enables even more efficient and optimized operations on behalf of our customers."
The new AGR will have offices in key energy hubs such as Norway, UK, USA, Australia, Malaysia, and the Middle East region, and will consist of over 400 professionals.
AGR said that all existing contracts and commitments will remain intact, ensuring uninterrupted service delivery to clients.
Add Energy’s asset integrity management division will not be consolidated into AGR, but will remain a service line within the international energy and marine consultants ABL.