ABL Group ASA appoints CFO

ABL Group ASA (“ABL” or the “Company”) is pleased to announce the appointment of Stuart Jackson as Chief Financial Officer (CFO), commencing on 23 January 2023.

Jackson is a well-practised executive with over 20 years of experience in CFO roles across several stock exchanges, including ten years on the Oslo Stock Exchange at Acergy SA and, latterly, at Seadrill Limited, where he charted the path through their successful financial restructuring.

Jackson succeeds CFO Dean Zuzic, who resigned from his current role on 9 August 2022.

Reuben Segal, Chief Executive Officer, comments: “Stuart has a breadth of experience, deep industry expertise and a strong track record of creating shareholder value through mergers and acquisitions, driving efficiency and capital market transactions. I am very pleased to welcome Stuart as a key member of the ABL executive team, and I look forward to working closely with him as we develop, implement and harvest the benefits of the next phase of our growth. Further, I would like to thank Dean for his excellent contribution to ABL over the past two years.”

ABL Group ASA: Ex dividend NOK 0.30 today

The shares in ABL Group ASA will be traded ex dividend NOK 0.30 as of today, 7 November 2022.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

ABL Group ASA: Q3 2022 financial results

3 November 2022 – ABL Group’s 2022 third-quarter results

HIGHLIGHTS Q3 2022

• Revenues of USD 44.1 million (Q3 21: USD 38.0 million)
• Operating profit of USD 3.3 million (Q3 21: USD 1.3 million)
• Adjusted EBIT of USD 4.0 million (Q3 21: USD 2.0 million)
• Net cash of USD 15.1 million (Q2 22: USD 8.7 million)
• Acquisition of Add Energy completed in July
• Semi-annual dividend of NOK 0.3 per share declared – to be paid in November

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:

“We are very pleased to report all-time high quarterly revenues for ABL Group in the third quarter. Due to the holiday season in key markets and the southwest monsoon season in India, the third quarter typically represents a significant drop in activity and profitability compared to the second quarter. This year, however, we can report revenue growth compared to the previous quarter, 16% annual growth, and a year-on-year doubling of EBIT. More than half of the annual revenue growth is organic.

Organic revenue growth in the quarter was primarily driven by our renewables consultancy OWC and specialist engineering consultancy Longitude, growing 23% and 33%, respectively compared to the same quarter last year. Profitability was solid across most regions, enabling the best third-quarter operating margin in the Company’s history.

It has been a pleasure to welcome Add Energy to the ABL family, and we are encouraged by the company’s improved performance during the early integration stage. Add Energy provides several new service lines for us, most notably asset integrity and well services. It represents a significant strengthening of our capabilities in the operating phase of renewables and oil and gas projects, and their high-quality staff provides added capacity to service the anticipated growth within all market segments.

Our market outlook remains upbeat, as increased focus on energy security and supply is expected to lead to increased demand for our services across renewables and oil and gas. This increased activity is likely to result in rate and cost inflation, and we remain focused on staying ahead of the curve as the market develops.”

A presentation of the quarterly results will be held today at 08:30 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visit ABL Group’s website, www.abl-group.com.

The quarterly presentation is available on www.newsweb.no and on ABL Group’s website.

ABL Group ASA: Key information relating to the cash dividend to be paid

Dividend Amount: NOK 0.3 per share

Declared currency: NOK

Last day including right: 4 November 2022

Ex-date: 7 November 2022

Record date: 8 November 2022

Payment date: On or about 11 November 2022

Date of approval: 2 November 2022

This information is published in accordance with the requirements of the Continuing Obligations.

ABL Group ASA: Invitation to presentation of Q3 2022 results

ABL Group ASA (“ABL Group”) will release its third-quarter results tomorrow, Thursday, 3 November 2022, at approximately 06:00 Central European Time (CET).

A presentation of the quarterly results will be held the same day at 08:30 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visit ABL Group’s website.

If you would like to attend the event in person, please notify SpareBank 1 Markets at corporateaccess@sb1markets.no.

The earnings release concerning the quarterly results and a corresponding slide presentation will be posted on www.newsweb.no and on ABL Group’s website.

ABL Group ASA acquires well control specialist HOSE International

Energy and marine consultancy ABL Group (ABL) has acquired the operations of well control equipment specialists HOSE International.

The two companies have cooperated since 2019 to jointly provide rig and well control inspection services for the offshore industry. Going forward, HOSE International’s UK business will become part of ABL’s global operations.

The two companies have agreed to not disclose the financial details of the transaction.

“We know the HOSE International team very well and are thrilled to be combining their expertise with that of our own on a continuous basis. This will allow us to further serve clients with the full scope of well control equipment assessment and rigs operations requirements,” says Steven Lee, director of offshore technical services at ABL.

HOSE International was established in 1994 and has built a 30-year reputation as independent third-party well control equipment subject matter and assurance service providers. The company’s services include well control equipment inspection, verification, assurance and project support during rig selection, intake and major maintenance periods.

During the past three decades, HOSE International has completed approximately 2,300 inspections on more than 700 drilling rigs. This includes numerous high-profile drilling well control equipment events front-line reactivations, overhauls and re-certification, end-of-well and between-well maintenance periods, drilling failure, modifications and upgrades.

“I am delighted to be formally joining ABL Group, having collaborated on many projects for a number of years now. HOSE International brings a wealth of specialist experience to the ABL team, and I’m excited to expand our scope even further”, says managing director of HOSE International, Richard Brennan, who now joins ABL as the group’s well control equipment manager.

ABL has extensive rigs inspection expertise including, rig selection, reactivation assurance, new-build delivery and preservation inspection. The company’s dedicated rig inspection team consists of multi-disciplined engineers with decades of practical rig inspection experience that helps to provide regulatory compliance and equipment operability assurance to rig owners and operators.

ABL Group ASA: Invitation to presentation of Q3 2022 results

ABL Group ASA (“ABL Group”) will release its third-quarter results on Thursday, 3 November 2022, at approximately 06:00 Central European Time (CET).

A presentation of the quarterly results will be held the same day at 08:30 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcasted live and available for replay shortly after. To watch the webcast, please visit our Reports and Presentations page.

If you would like to attend the event in person, please notify SpareBank 1 Markets at corporateaccess@sb1markets.no.

The earnings release concerning the quarterly results and a corresponding slide presentation will be posted on www.newsweb.no and on our Reports and Presentations page.

ABL Group ASA to present at Pareto Securities’ 29th Annual Energy Conference

ABL Group ASA (“ABL Group” or the “Company”) will present at the Pareto Securities’ 29th Annual Energy Conference today at 09:25 CEST.

The presentation will be held by Reuben Segal, CEO of the Company, and can be found on our Reports and Presentations page.

ABL Group ASA: Share capital increase

Oslo, Norway, 5 September 2022: Reference is made to the stock exchange release by ABL Group (“ABL Group” or the “Company”) published on 31 August 2022 regarding a share capital increase following the exercise of share options.

The issuance of 5,265,000 new shares has been registered with the Norwegian Register of Business Enterprises. Following registration, the share capital of ABL Group is NOK 10,476,986.20 divided into 104,769,862 shares, each share having a par value of NOK 0.1 and carrying one vote in the Company’s general meeting.

Financial calendar

Financial calendar for ABL Group ASA

FINANCIAL YEAR 2022

03.11.2022 – Quarterly Report – Q3

Change of date for Q3 2022 quarterly report from October 28th to November 3rd 2022.

This information is published pursuant to the requirements set out in the Continuing obligations.