AqualisBraemar LOC ASA (“ABL”) will release its fourth-quarter results on Friday, 25 February 2022 at approximately 06:00 Central European Time (CET).
A presentation of the quarterly results will be held the same day at 08:45 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.
The earnings release concerning the fourth quarter 2021 results, the quarterly report and a corresponding slide presentation will be posted on www.newsweb.no and on our Reports and Presentations page.
AqualisBraemar LOC Group (ABL Group) has acquired the remaining 29 percent stake in Innosea – a leading engineering, design and R&D consulting firm specialising in marine renewables – increasing its total shareholding to 100 percent.
“We are delighted to take full ownership of Innosea. The company is rapidly growing and has proven to be a vital part of our service offering to the renewables sector. We have an ambition that 50 percent of our group’s revenues should come from sustainability and energy transition services by 2025. Innosea will play a key part in this.”
David Wells, CEO of AqualisBraemar LOC
Innosea was founded by Hakim Mouslim, Bruno Borgarino and 3 other researchers in 2012, as a technology spin-off from Ecole Centrale de Nantes. Today, the company has offices in Nantes and Marseille in France as well as in Edinburgh, Scotland.
Innosea is one of the few independent specialists in Integrated analysis of fixed and floating offshore wind turbines. Further, the company offers design and engineering consultancy to all marine renewable energies – wind, solar, wave and tidal – with a large track-record of multi-national R&D, demonstration and commercial projects that are at the cutting edge of technology and device development. Innosea is also the leading engineering consultancy for floating solar PV with more than 90 projects worldwide.
“Becoming fully owned by AqualisBraemar LOC marks a continuity of the integration and cooperation with all of the group’s global office network and competence base. This allows us to provide wider and stronger support to our clients, which in turn translates to more rapid expansion of activities.”
Hakim Mouslim, Managing Director and Co-Founder of Innosea
AqualisBraemar LOC group today employs more than 900 people in 39 countries worldwide. The group operates in the renewables sectors through the Innosea, OWC, AqualisBraemar LOC, Longitude and East Point Geo brands.
“We are already collaborating with some of our sister companies and have identified a matching culture with a robust approach to technical excellence and client delivery. It is great to be part of a group that is dedicated to driving a responsible energy transition, and we are keen to develop an additional set of services around climate change adaptation and resilience of offshore and maritime assets.”
Energy and marine consultancy AqualisBraemar LOC Group (ABL Group) has successfully completed the acquisition of the UK operations of ship design and marine consultancy company OSD-IMT, from Damen Shipyard Group.
OSD-IMT is a specialist consultancy in ship design for newbuild, refit and conversion projects. The company operates in all key marine markets – including the renewables, maritime, defence and oil and gas sectors. Its expert knowledge covers a broad selection of vessel types and a wide range of technologies, including design and engineering for alternative fuels. The company in particular specialises in newbuild construction, support and supply vessels for the offshore energy industry, dredger and dredging support vessels, and marine survey vessels.
OSD-IMT, which has launched more than 150 designs to date, will become part of ABL Group company Longitude Engineering, which specialises in marine operations engineering and marine design, conversion and upgrade of specialised vessels. Further, Longitude has a solid track-record in the design and development of clean shipping technology, with experience in hybrid-propulsion, LNG and hydrogen fueled-vessels.
“Our plan is to combine OSD-IMT’s ship design track record with Longitude’s specialist expertise in marine design, consultancy and operations. While OSD-IMT have traditionally focused more on newbuild ship design, Longitude’s legacy is rooted in specialist consultancy services including advanced analysis, hybrid power systems and procurement support. The combination is an excellent match.”
Jake Anderson, Group MD for Engineering Services at ABL Group and Managing Director of Longitude Engineering
“With maritime decarbonisation accelerating into focus, bringing together OSD-IMT and Longitude’s portfolios in alternative fuel-powered vessel design, will significantly reinforce our offering to support a wide range of maritime stakeholders on the path to net-zero.”
Dean Goves, Managing Director Maritime, Longitude Engineering
Longitude Engineering specialises in independent engineering, design and analysis for renewables, maritime, defence, oil and gas and infrastructure market sectors. It primarily supports clients with marine operations engineering and marine design, conversion and upgrade, supporting marine projects and assets throughout their development lifecycle.
David Wells, CEO of AqualisBraemar LOC ASA, has announced that he wishes to retire at year-end and step down as CEO of the group. The board of directors has appointed Wells’ co-founder and current COO of AqualisBraemar LOC, Reuben Segal, as new CEO.
The CEO change takes effect from 1 January 2022. Further, David Wells has agreed to support the group in an advisory role thereafter.
“I have worked closely with both David and Reuben since we started our discussions about Aqualis Offshore. Since then, David, Reuben and the rest of the management team has built up a leading global company within the offshore energy and marine consultancy niche. With David not getting any younger, moving Reuben into the COO role in 2016 was part of the long-term succession plan for the CEO role. The board would like to thank David for his excellent leadership, and we look forward to cooperating even more closely with Reuben going forward,” says Glen Rødland, chairman of AqualisBraemar LOC ASA.
David Wells and Reuben Segal.
What started as a dedicated marine and offshore oil and gas consultancy with a handful of employees in 2013, has grown into a global group that employs more than 900 people in 39 countries worldwide.
Today, AqualisBraemar LOC offers independent energy and marine consultancy to the global renewables sectors – including offshore and onshore wind, floating solar and hydrogen – and the maritime and oil and gas industries.
Reuben Segal has been the COO of AqualisBraemar LOC since 2016. Prior to this he headed up the group’s Middle East operation. He has more than 25 years’ experience in the offshore and shipping sectors, covering both engineering design and ship surveying. He is a naval architect and has extensive global business development experience with focus on design and construction of offshore assets.
“I very much see my role as continuation of the work David and I have been doing together for the past nine years. In my opinion most metrics are pointing in the right direction for AqualisBraemar LOC. We continue to improve our operation and our capital efficiency and are excellently positioned in some exciting high growth industry sectors. We will do everything we can to capitalise on these opportunities,” says Reuben Segal.
Succeeding Segal as COO is another of the Aqualis Offshore co-founders, Dr. Bader Diab. Diab is currently AqualisBraemar LOC’s regional managing director of the Americas region. He is a structural and global performance engineer with 30 years’ offshore engineering experience.
AqualisBraemar LOC Group (ABL) has set its sights on an aggressive push into the onshore wind, solar and energy storage sectors, writes Sian Crampsie, for ReNews.
In an interview conducted for the ReNews newsletter, 21st October 2021, ABL Group’s Director of Onshore Renewables, Richard Abrams, discusses ABL’s startegy for expansion from offshore energy and marine sectors, to also support the onshore renewable energy landscape.
“We are aiming to tip our renewables’ offering to be at least half of the work we do, so that means growth.
“We are well-known in the offshore sector and have a good reputation for what we do, and I think that will translate quite easily into onshore wind. But we also thought we shouldn’t stop there.
“A lot of those skills are also relevant to solar, and then the missing piece of the renewables puzzle is energy storage,” Richard comments in the interview.
The interview discusses ABL Group’s recruitment drive to add the necessary skills, expertise and experience to the team, to best support projects in onshore wind, solar and energy storage.
To read the article in full and subscribe to the ReNews newsletters, please press here.
Offshore Wind Consultants Ltd (“OWC”), a wholly-owned subsidiary of AqualisBraemar LOC ASA (“ABL” or the “Company”), has entered into a large[1] contract to provide engineering services for an offshore wind development project on the UKCS with Blue Gem Wind (a joint venture between TotalEnergies and Simply Blue Group, together “Client”). The contract is for a term of approximately three years, and the scope of work includes Owners Engineering and Project Development Support.
[1] ABL defines a large contract as between USD 4 million and USD 7 million.
The shares in AqualisBraemar LOC ASA will be traded ex-dividend NOK 0.25 as of today, 1 November 2021. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Adjusted EBIT of USD 2.0 million (Q3 20: USD 0.6m)
EBIT of USD 1.3 million (Q3 20: USD 0.5m)
Cash balance of USD 23.2 million (Q2 21: USD 24.5m)
Interest bearing bank debt of USD 12.5 million (Q2 21: USD 13.3m)
Cost synergy target of USD 4.0 million maintained, to be gradually realised from Q4 2021
Semi-annual dividend of NOK 0.25 per share declared – to be paid in December
David Wells, CEO of AqualisBraemar LOC ASA (“ABL” or the “Company”) commented:
“We are pleased to report relatively high activity throughout the normally seasonally weak third quarter. The third quarter is generally lower activity than the second quarter, mainly due to holiday season in key markets and the southwest monsoon season in India. This year we have maintained relatively flat quarter on quarter revenues, representing 9% annual growth relative to the third quarter of 2020, and a significant year on year improvement in EBIT.
The two main year on year growth drivers have been our renewables consultancy OWC, growing +30%, and specialist engineers Longitude, growing 70%. These two segments are heavily exposed to two currently very positive markets: Offshore wind, which continues to grow at a rapid pace and with increasing global coverage, and early phase engineering, which indicates industry players are preparing for increased energy investments going forward.
In terms of profitability, the standout performer was the Asia Pacific region, which experienced high utilisation despite continued challenges with Covid-related travel restrictions.
We expect the fourth quarter to represent an improvement in activity level in line with normal seasonality. Looking further ahead, we continue to expect high growth in offshore wind, and are seeing positive early signs in terms of oil & gas investments in 2022.”
A pre-recorded audio webcast presentation of the third quarter 2021 results will be released today at 12:00 CET. To view the webcast and the slide deck for the quarterly presentation, please visit our Reports and Presentations page.
AqualisBraemar LOC ASA (“ABL”) will release its third-quarter 2021 results on Thursday, 28 October 2021 at approximately 06:00 Central European Time (CET).
The earnings release concerning the second quarter 2021 results and a corresponding slide presentation will be posted on www.newsweb.no and on ABL’s website, www.abl-group.com.
An audio webcast of the quarterly results will be released the same day at 12:00 CET. To watch the webcast, please visit ABL’s website, www.abl-group.com.
