Ocean Riser Systems (ORS) has joined forces with Enhanced Drilling Solutions (EDS), a division of AGR Group (AGR), to form AGR EDS-ORS.
The announcement was made on the Oslo Stock Exchange this morning that AGR has signed an agreement to purchase 100% of the shares in ORS, which has ‘developed technology and Intellectual property complementary to AGR’s EDS services’.
This transaction is subject to several conditions such as financing and board approvals. It is intended that the transaction process is completed in late August.
David Hine, EVP of AGR EDS-ORS, said: “This merger is an exciting development for both companies: AGR EDS-ORS will be at the forefront of the marketplace when it comes to providing the industry with the next generation of Dual Gradient Drilling and Managed Pressure Drilling solutions. Together, we will provide a truly comprehensive technology portfolio, reduced risk and a constant R&D capability.”
AGR EDS-ORS headquarters will be at the former EDS division head office in Straume, Norway. The new company retains EDS offices in the USA, Canada, Brazil, Australia and Azerbaijan.
Former ORS-staff will continue to be based at its Oslo and Houston offices.
The integration of both AGR Enhanced Drilling Solutions and ORS will be a gradual process over the coming months, with no disruption to customers.
AGR Enhanced Drilling Solutions 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.
More recently, the firm moved into Managed Pressure Drilling for floating rigs with its EC-Drill® system, plus Managed Pressure Cementing system, MPC®. Both solutions have been nominated for this year’s ONS Innovation Award.
ORS has been developing its Low Riser Return System (LRRS™) since 2001 to provide Managed Pressure Drilling for the subsea market. LRRS™ has also been nominated for the ONS Innovation Award.
Lars Bjerke, CEO of ORS, added: “AGR EDS-ORS combines the formidable talent of both companies. I am positive that there is much that we can learn from each other as we move forward as one team. I am confident we can achieve remarkable things together.”
Subsea World News Staff , July 16, 2012; Image: AGR