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AGR acquires F.J. Brown & Associates

Offshore staff

NORWAY -- Norway-based AGR Group has acquired Houston-based F.J. Brown & Associates Inc. for $20 million (NOK 120 million) in cash.

AGR says the acquisition strengthens its three core business sectors in North, Central, and South America: petroleum services, drilling services, and field operations.

Francis Brown, president of F.J. Brown, is to join the Board of AGR Americas and lead AGR Petroleum Services' well management operations for North and South America. The other three executive owners of F.J. Brown – Alfred S. Arcache, Ralph D. Doughty and Gerald J. Bologna – will continue in their current capacities.

"The F.J. Brown acquisition represents an important step in our goal to be the leading provider of well construction engineering and well project management services, not only in the Gulf of Mexico, but globally," says Sverre Skogen, chief executive of AGR Group.

"F.J. Brown's focus on health, safety, and environmental protection, together with the highest quality of service, long-term customer relations, and a loyal work force, makes this an excellent fit with the values and ethos of AGR," says Erling Storaune, CEO of AGR Americas.

"The F.J. Brown team is pleased to be joining a well-managed international group of professionals," says Francis Brown, president of F.J. Brown & Associates. "We look forward to integrating into the AGR team to provide an expanded list of services to our clients."

According to AGR, F.J. Brown has managed or participated in the drilling supervision of more than 100 exploration, appraisal, and development wells over the past 12 months.

4/20/2007

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