- Press Releases
November 23 (Renewables Now) - Offshore energy consultancy services provider AqualisBraemar ASA (OSE:AQUA) has agreed to take over LOC Group to further grow in the offshore renewables industry.
Under the terms of the deal, AqualisBraemar will pay USD 20.2 million (EUR 17m) in cash and provide conditional warrants to the sellers. The transaction is expected to close on or around December 21, 2020.
Set up in 1979, LOC Group operates as an international marine and engineering consultancy under four brand names: LOC, Innosea, Longitude and JLA (John LeBourhis). In the renewable energy industry, the London-based group does business through independent engineering firm Innosea, renewables marine warranty surveying specialist LOC and renewables engineering services provider Longitude.
The buyer, on the other hand, is involved in renewables through offshore wind consulting firm OWC and AqualisBraemar. The acquisition will create a larger independent offshore energy and marine consultancy firm with about 880 employees in 85 offices in 39 countries around the world.
The combined firm will be doubled in size when it comes to the renewable energy sector, the announcement says. Also, the various merging businesses have complementary activities, including AqualisBraemar’s focus on offshore wind and Innosea’s capabilities in wave, tidal and floating solar.
LOC Group’s current CEO, R.V. Ahilan, will serve as chief energy transition officer at the enlarged company.
“Our objective is that 50 percent of our revenues should come from the renewables sector and other sustainability and CO2-reducing activities in 2025. However, reducing the carbon intensity of the offshore oil and gas and shipping industries are also key to achieving the energy transition the world so desperately needs,” he stated.
(USD 1.0 = EUR 0.842)