LOC is pleased to announce the completion of its acquisition by AqualisBraemar ASA (“AqualisBraemar”). The combined group is a leading global independent offshore energy and marine consultancy firm. It will have a total of 880 employees in 67 offices in 39 countries around the world.
The enlarged 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. The Company is targeting 50 percent of its revenues to come from the renewables sector and other sustainability and CO2-reducing activities by 2025.
The combined Group doubles its size within the renewables space, by joining the fast-growing specialist renewable entities of AqualisBraemar’s offshore wind consultancy firm, OWC, with LOC Group’s Innosea and other renewable focused units.
AqualisBraemar and LOC Group will trade separately until the latter part of 2021. As resolved by the extraordinary general meeting held on 14 December 2020 (the “EGM”), the parent company of the group, AqualisBraemar ASA, will change its name to AqualisBraemar LOC ASA with effect from today.
“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,” says David Wells, CEO in Oslo-listed AqualisBraemar.
“The needs of our clients are rapidly changing. In part this is being driven by the energy transition agenda. This will create opportunity as well as pressure for clients but as a combined entity we can be at the forefront of the industry and are ideally placed to be able to offer the support they need, now and in the future. This is an exciting time for our industries, and I am much looking forward to working with clients to support them through this period of change.” Dr R. V. Ahilan, CEO of LOC Group added.
AqualisBraemar is an Oslo-listed group that offers consultancy services to the offshore energy industries, including renewables and oil and gas, plus shipping and insurance industries. It operates under three brand names: AqualisBraemar, AqualisBraemar Yacht Services, and offshore wind consulting firm OWC.
LOC Group, founded in 1979, is an international marine and engineering consulting firm that operates under four brand names: LOC, Innosea, Longitude and JLA (John LeBourhis). Similar to AqualisBraemar, LOC Group operates within the shipping, oil and gas and renewables sectors.
Further information on the agreement can be viewed in the full announcement released to the Oslo Stock Exchange: https://aqualisbraemar.com/all-media/news/investor-news/2020/acquisition-of-loc-group-completed/