ABL Group (OSE: ABL Group ASA – ticker code “ABL”) is a leading independent global consultancy delivering energy, marine, engineering and digital solutions to drive safety and sustainability in renewables, maritime and oil & gas sectors. The group has offices in 39 countries worldwide and operates under four brands: ABL, OWC, Longitude and AGR.
ABL Group ASA: Closing of Proper Marine Acquisition
Reference is made to the stock exchange announcement dated 5 December 2024 regarding ABL Group entering into an agreement to acquire 100 percent of the shares in Brazil-based naval architecture and engineering consultancy, Proper Marine. ABL Group has today successfully completed the transaction.
In addition, Proper Marine brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the group’s overall capabilities in this segment.
Proper Marine will now merge with ABL Group’s design house, Longitude. Proper Marine brings a team of 90+ professionals and a track-record of more than 1,600 projects to Longitude.
“We are delighted to officially welcome Proper Marine as part of ABL Group. In merging Proper Marine with Longitude, we are significantly growing our design and engineering capacity to support larger and more projects across marine and offshore energy sectors internationally.”
Reuben Segal, CEO of ABL Group ASA
Proper Marine is valued at an enterprise value of USD 4.0 million in the transaction. The purchase price will be settled with a combination of cash and up to 2,302,494 shares in ABL Group. The cash portion has been settled on closing, while settlement of the consideration shares will take place through annual instalments over five years from 5 December 2024, subject inter alia to the sellers’ continued employment in ABL Group.
Discover more on Proper Marine’s services, expertise and track-record, by visiting their website:
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