AqualisBraemar has completed the acquisition of 100 percent of the shares in LOC Group.

HLPFI reported that the two companies had reached an agreement on the deal in November 2020.  

The combined group will be a global independent energy and marine consultancy firm, operating across 85 offices in 39 different countries. The purchase price comprised a USD20.2 million cash consideration plus two million conditional warrants in AqualisBraemar.

“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,” said David Wells, ceo at Oslo-listed AqualisBraemar. 

The group’s strategy is to grow through continued expansion in the rapidly growing offshore renewables industry, and leverage 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,” Wells added.

The two companies will trade separately until the latter part of April 2021.