AGR Group ASA' CEO Sverre Skogen Steps Down; Company Appoints Age Landro as Group CEO; Company Contemplates Demerger of Two Divisions

AGR Group ASA announced that following the refinancing of the Company, the Group's two business areas, Petroleum Services and Drilling Services, are financed separately. This enables the two divisions to seek separate strategic alternatives with autonomous managements. Under the leadership of Age Landro, Executive Vice President (EVP) Petroleum Services and David Hine, EVP EDS-ORS, both divisions are ready to seek further growth as stand-alone companies. As a part of this work, the Board will contemplate a legal demerger of the Group's two divisions. Current Group Chief Executive Officer (CEO) Sverre Skogen has decided to stand down as of March 1, 2013 after eight years with the Company. Sverre Skogen will continue in the role as Chairman of AGR Energy. For the time being, Age Landro will take on the role as Group CEO in addition to his position as Head of AGR Petroleum Services.