Offshore power as well as aquatic working as a consultant AqualisBraemar has actually finished the procurement of the aquatic as well as design consulting company LOC Group (London Offshore Consultants).
Oslo- detailed AqualisBraemar introduced the conclusion of the deal on Tuesday, stating the procurement produced “a leading global independent offshore energy and marine consultancy.”
As component of the deal, originally announced on November 23, AqualisBraemar got one hundred percent of the shares in Neptune Midco 1 Limited from the utmost moms and dad firm of the LOC Group, LOC Group Holdings Limited, the investors of that include frying pan-European financial investment team Bridgepoint as well as crucial staff members of LOC.
The acquisition rate factor to consider was a USD 20.2 million cash money factor to consider plus 2 million conditional warrants in AqualisBraemar.
LOC Group, established in 1979, is a worldwide marine as well as design consulting company that runs under 4 brand: LOC, Innosea, Longitude as well as JLA (John LeBourhis). Similar to AqualisBraemar, LOC Group runs within the delivery, oil as well as gas, as well as renewables fields.
David Wells, Chief Executive Officer AqualisBraemar claimed: “This is a great day for both AqualisBraemar and our clients. 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,”
Renewables growth
The combined group will have a total of 880 employees in 67 offices in 39 countries.
By joining the fast-growing specialist renewable entities of AqualisBraemar’s offshore wind consultancy firm OWC and LOC Group’s Innosea and other renewable focused units, the combined group will double its size within renewables, AqualisBraemar said.
“The team’s approach is to expand with proceeded growth in the quickly expanding overseas renewables sector, as well as utilize on its placement within delivery as well as oil as well as gas markets, to sustain the worldwide power shift,” it claimed.
“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,” states David Wells.
AqualisBraemar as well as LOC Group will certainly be trading independently till the last component of April 2021. The moms and dad firm of the team, AqualisBraemar ASA, will certainly alter its name to AqualisBraemar LOC ASA with result from Tuesday.
