The companies announced on 16 July 2012 that AGR has signed an agreement to purchase 100% of the shares in ORS in exchange for shares in AGR EDS. ORS shareholders will hold 17.5% of the shares in AGR EDS-ORS. The transaction, subject to conditions, is intended to be completed in late August.
Alpha Corporate Finance has acted as exclusive financial advisor to the board and shareholders of ORS, including Viking Venture and Statoil Technology Invest, the two largest shareholders.
Ocean Riser Systems is a oil and gas technology company established in 2002 and based in Lysaker, Norway. ORS has developed the LRRS technology which allows dynamic, real time pressure regulation during drilling from floating installations.
AGR Group (AGR) is a global oil services and technology company, consisting of two main divisions – Petroleum Services and Drilling Services. AGR Enhanced Drilling Solutions, a part of the drilling services division, made its name with the Riserless Mud Recovery system (RMR®) and Cuttings Transportation System (CTS®), which together have been deployed on more than 500 wells worldwide. AGR Group is listed on the Oslo Stock Exchange.