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HitecVision announce the sale of Agility Project to Wood Group

HitecVision is pleased to announce that the Agility Group has reached an agreement to sell Agility Projects to Wood Group for total consideration of 168 MUSD

Agility Projects is a strong Engineering Procurement, Construction Management, Installation and Commissioning company in the Agility Group. Agility Projects has built trust with core clients like Statoil, Samsung, Wood Group as well as rig and FPSO owners in Norway and China and has secured an order backlog of more than 250 MUSD by 30.06.2014. Otto Søberg, the CEO of Agility, said: "Agility Group is very pleased to have found a new home for Agility Projects and the business is very excited to become part of Wood Group as it provides access to more engineering resources, allowing Agility Projects to offer a better level of service to our existing and new clients and enable us to pursue larger and more complex offshore engineering projects. The culture and core values of Agility Projects represent a perfect fit with Wood Group as we both focus on quality of service, customers and employees. Agility Projects has been the largest operating unit in Agility Group with currently around 650 employees".

Agility Group continues post completion as the industrial holding of the operating entities Agility Subsea Fabrication, Minox Technologies and Agility Contracting. The transaction will substantially strengthen Agility Group's equity base, and its shareholders are equally committed to the continued development of the operating companies in partnership with their respective customers and employees. Agility Group is owned by HitecVision V, L.P.

Expected closing date is August 31st 2014.