AqualisBraemar ASA (“AqualisBraemar”) has successfully completed the acquisition of 100 percent of the shares in LOC Group, thereby creating an even more complete service provider to the upstream oil and gas industry.
AqualisBraemar has acquired 100 percent of the shares in Neptune Midco 1 Limited from the ultimate parent company of the LOC Group, LOC Group Holdings Limited, the shareholders of which include pan-European investment group Bridgepoint and key employees of LOC. The purchase price consideration was a USD 20.2 million cash consideration plus two million conditional warrants in AqualisBraemar.
The combined group operates in the upstream oil and gas industry through offshore engineering consultancy AqualisBraemar, provider of marine, engineering loss prevention and loss management services LOC, engineering and design consultancy player Longitude, and JLA which delivers rig-related approval services. While AqualisBraemar has a strong position within rig moving marine warranty services, LOC has a strong footprint within project marine warranty services in the oil and gas sector.
“This is a great day for both AqualisBraemar and our clients in the oil and gas industry. We effectively double the size of our group, which will benefit our customers through greater capacity, improved geographical footprint and a much more complete skills base. With both companies having similar profiles, it also allows us to maintain our stated ambitious growth targets in support of the global energy transition,” says David Wells, CEO in Oslo-listed AqualisBraemar.
The group’s strategy is to grow through continued expansion in the rapidly growing offshore renewables industry, and leverage on its position within shipping and oil and gas markets, to support the global energy transition.
“Our objective is that 50 percent of our revenues should come from the renewables sector and other sustainability and CO2-reducing activities in 2025. Reducing the carbon intensity of the offshore oil and gas and shipping industries are also key to achieving the energy transition the world requires. We will continue to support all these industries to help make this energy transition happen,” says David Wells.
AqualisBraemar and LOC Group will be trading separately until the latter part of April 2021.
