AGR acquires TRACS

AGR Petroleum Services has acquired Aberdeen-based TRACS International Consultancy, a provider of integrated services and training in the geology and petroleum engineering sectors, in a deal worth $40 million.

Offshore staff

ABERDEEN -- AGR Petroleum Services has acquired Aberdeen-based TRACS International Consultancy, a provider of integrated services and training in the geology and petroleum engineering sectors, in a deal worth $40 million.

All 70 employees and associates of TRACS have been offered positions with AGR Petroleum.

"The opportunity to work within AGR Petroleum Services is a significant and exciting step in the development of TRACS," says Mark Cook, director of TRACS International.

"It allows TRACS subsurface and commercial expertise to be combined with AGR's well management, existing subsurface, field development, and subsea design capability. AGR Petroleum Services will now offer an integrated service covering exploration, reservoir evaluation and management, well and completion design, drilling, and subsea facilities, with TRACS training integrated across all disciplines."

06/30/2008

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