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February 07, 2016 4:58 AM ET

Energy Equipment and Services

Company Overview of Petroleum Services Group AS

Company Overview

Petroleum Services Group AS provides services and technology to the oil and gas offshore industry in Abu Dhabi. It also holds interests in oil and gas exploration and production licenses in the Mediterranean and Israel. The company, formerly known as AGR Group ASA, was founded in 1987 and is based in Straume, Norway. AGR Group ASA is a subsidiary of Altor Oil Service Invest AS.

Smålonane 16

Straume,  5353

Norway

Founded in 1987

Key Executives for Petroleum Services Group AS

Chief Executive Officer
Age: 46
Chief Financial Officer
Executive Vice President of Project Services
Age: 70
Head of Improvement Processes
Head of Procurement
Compensation as of Fiscal Year 2015.

Petroleum Services Group AS Key Developments

AGR Scores Field Development Support Contract in Sudan

AGR has secured an agreement to deliver Field Development support in Sudan for Nigerian explorer, Misana Energy Resources (Misana). Misana is part of a consortium that was recently awarded a Production Sharing Contract (PSC) for blocks 25 D & E in the White Nile Province in Southern Sudan. AGR's technical support will cover all disciplines from asset evaluation to full field development and exploration services. The Scope will be carried out by AGR's Facilities Solutions division with support from AGR's drilling engineering and subsurface consultancies. Facilities Solutions focuses on delivering field development engineering services both onshore and offshore. The division recently delivered engineering services on the Brynhild field development project managed by Lundin Norway.

AGR Appoints Olav Fjell as New Chairman and Member of the Board

AGR has appointed Olav Fjell as its Chairman of the Board of Directors following the acquisition by the European private equity firm Silverfleet Capital in 2014. Olav has significant leadership experience in the financial and oil & gas industries including leading Statoil as Chief Executive Officer from 1999 - 2003. He is currently Chairman of Statkraft. Olav joins company's Adrian Yurkwich and David MacKenzie as a board member.

AGR Group ASA Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

AGR Group ASA announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported operating revenue, external of NOK 136,000 against NOK 17,221,000 a year ago. Negative EBITDA was NOK 18,572,000 against EBITDA of NOK 1,565,000 a year ago. Negative EBIT was NOK 19,150,000 against EBIT of NOK 682,000 a year ago. For the nine months, the company reported operating revenue of NOK 1,432,000 against NOK 26,560,000 a year ago. Negative operating profit before depreciation (EBITDA) was NOK 30,451,000 against operating profit before depreciation (EBITDA) of NOK 27,000 a year ago. Negative operating profit (EBIT) was NOK 31,149,000 against NOK 993,000 a year ago. Loss before taxes was NOK 19,965,000 against NOK 3,583,000 a year ago. Profit for the period was NOK 521,989,000 against NOK 99,131,000 a year ago. Net cash flow from operational activities was NOK 82,107,000 and capital expenditure for property, plant and equipment and intangible assets was NOK 98,000. Earnings per share continued operations were NOK 0.44 against NOK 0.03 a year ago. Earnings per share were NOK 4.20 against NOK 0.79 a year ago.

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