AGR Group ASA Acquires 80% of Steinsvik & Co AS

AGR Group ASA (AGR) announced that on May 9, 2012, it has signed an agreement to acquire 80% of the shares in Steinsvik & Co AS (Steinsvik). The Stavanger-based company primarily delivers Safety Coaches and ICO (Internal Control Officers) to drilling rigs on the Norwegian market. In addition, Steinsvik holds safety-related courses for oil companies and performs safety inspections on rigs, both in the Norwegian sector and internationally. The acquisition is part of AGR's strategy to strengthen the HSEQ product offering linked to Well Management projects. Steinsvik has operational safety competence that is complementary to AGR product offerings. Steinsvik had a turnover of NOK 50 million in 2011 with a corresponding EBITDA of NOK 8.9 million. The acquisition is contingent on approval from the Norwegian competition authorities.