Akastor ASA sold 100% of AGR AS to ABL Group ASA for NOK 352.9 million, aiming to enhance growth opportunities in the global energy consultancy market.

Target Company Overview

On March 20, 2023, Akastor ASA ('Akastor') entered into a share purchase agreement with ABL Group ASA ('ABL') to sell 100% of the shares in AGR AS ('AGR'). AGR is a multi-disciplinary energy engineering consultancy and software provider that delivers essential services across various sectors in the energy industry. The company's offerings span consultancy, well management, operations geology, reservoir management, and software solutions tailored for offshore energy operations.

AGR operates through five distinct business lines: consultancy services in Norway, the UK, and Australia; well management, particularly strong in the Asia Pacific region; operational geology in Norway; reservoir management and asset evaluation within Norway; and the development of software products that support global offshore energy industries. In 2022, AGR reported revenues of NOK 790 million with an adjusted EBIT of NOK 46 million.

Industry Overview

The energy consultancy market in Norway remains robust, driven by the country’s extensive experience in the oil and gas sector, alongside a growing focus on renewable energy solutions. This dual focus enables companies lik