Financial calendar for AqualisBraemar LOC ASA
FINANCIAL YEAR 2021
20.08.2021 – Half-yearly Report
22.04.2021 – Annual Report
02.06.2021 – Annual General Meeting
19.05.2021 – Quarterly Report – Q1*
28.10.2021 – Quarterly Report – Q3
*Date change for publication of Q1 report.
This information is published pursuant to the requirements set out in the Continuing obligations.
David Wells, CEO of AqualisBraemar LOC ASA (“AqualisBraemar LOC” or the “Company”) commented:
“2020 was another transformative year for AqualisBraemar LOC. Following on from the acquisition of BTS, the acquisition of LOC roughly doubled the size of our company for the second year running. We are encouraged by the progress of early integration efforts and expect to see significant cost synergies realized already this year.
In early 2020 we set a group wide target of 50% renewables and sustainability-oriented services in our business mix in 2025. This was and is an ambitious target, but we are well on our way there. Firstly, OWC, our renewables arm, had another impressive year delivering annual organic revenue growth of 59% – even higher than 2019’s record growth. Second, the acquisition of LOC doubled the size of our renewables business, and significantly strengthened and broadened our client offering across a range of technologies and services. Finally, after quarter end, we announced and completed the acquisition of East Point Geo, strengthening our geoscience offering towards the segment and providing additional avenues for growth. We continue to see increasing demand for renewables consulting and anticipate continued high growth in 2021.
Our traditional business within oil & gas and shipping experienced significant headwind during 2020 from Covid-19, low oil price and reduced international trade. These challenges are expected to gradually subside during 2021, and a cyclical upswing could be underway from second half of 2021 depending on the success and speed of the vaccination.
Finally, we are happy to announce that the Board has proposed another dividend of NOK 0.25 per share, as part of our semi-annual dividend schedule. Our shareholders have repeatedly supported us in connection with the major acquisitions over the last few years, and we remain focused on repaying that trust by returning capital to shareholders.”
A pre-recorded audio webcast presentation of the fourth quarter 2020 results will be released today at 14:00 CET. To view the webcast, please visit AqualisBraemar LOC’s web site, www.aqualisbraemar.com.
The quarterly report and the slide deck for the quarterly presentation are available here.
For further information, please contact:
Dean Zuzic, CFO, AqualisBraemar LOC ASA
Telephone: +47 41 43 35 60
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
AqualisBraemar LOC ASA (OSE: Aqua) offers independent adjusting, marine and offshore consultancy to the global renewables, maritime, oil and gas and power sectors. The group has offices in 39 countries worldwide. AqualisBraemar LOC ASA operates under seven brands: AqualisBraemar, LOC, OWC, Innosea, Longitude, JLA and ABL Yacht Services.
AqualisBraemar LOC ASA (“AqualisBraemar LOC”) will release its fourth-quarter 2020 results on Thursday, 25 February 2021 at approximately 06:00 Central European Time (CET).
The earnings release concerning the fourth quarter 2020 results, the fourth-quarter report, and a corresponding slide presentation will be posted on www.newsweb.no and on AqualisBraemar LOC’s web site, www.aqualisbraemar.com.
An audio webcast of the quarterly results will be released the same day at 14:00 CET. To watch the webcast, please visit AqualisBraemar LOC’s website.
For further information, please contact:
Dean Zuzic, CFO, AqualisBraemar LOC ASA
Telephone: +47 41 43 35 60
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
AqualisBraemar LOC ASA (OSE: Aqua) offers independent adjusting, marine and offshore consultancy to the global renewables, maritime, oil and gas and power sectors. The group has offices in 39 countries worldwide. AqualisBraemar LOC ASA operates under seven brands: AqualisBraemar, LOC, OWC, Innosea, Longitude, JLA and ABL Yacht Services.
Braemar Shipping Services Plc (“Braemar”) has on 27 January 2021 sold 9,600,000 shares in AqualisBraemar LOC ASA (“AqualisBraemar LOC” or the “Company”), representing 10.37% of the Company’s outstanding shares, at a price of NOK 7.50 per share. The shares were sold through an accelerated bookbuilding process managed by SpareBank 1 Markets AS as sole bookrunner.
Braemar’s Non-Executive Chairman Ronald Series is represented on AqualisBraemar LOC’s Board of Directors.
Following the transaction, Braemar holds 9,640,621 shares in AqualisBraemar LOC, corresponding to 10.42% of the share capital, calculated on the basis of 92,547,583 shares outstanding in the Company.
Braemar also holds 6,523,977 performance-based warrants (the “Warrants”), as further described in the notice of and minutes from the Company’s extraordinary general meeting held on 14 December 2020. Assuming full vesting of the Warrants, Braemar will hold 16,164,598 shares and rights to shares corresponding to 17.47% of the current registered share capital of the Company.
This information is subject to disclosure requirements pursuant to sections 4-2 and 4-3 of the Norwegian Securities Trading Act.
Bjørn Stray has on 27 January 2021 purchased 720,000 shares in AqualisBraemar LOC ASA (“AqualisBraemar LOC”). Following the transaction, Bjørn Stray holds 4,767,743 shares in AqualisBraemar LOC, corresponding to 5.15% of the shares outstanding calculated based on a total share count of 92,547,583.
This notification is made pursuant to section 4-3 of the Norwegian Securities Trading Act.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Braemar Shipping Services PLC (“Braemar”) has retained Sparebank 1 Markets AS (the “Bookrunner”) as sole bookrunner to explore the sale of up to 9,600,000 existing shares in AqualisBraemar LOC ASA (the “Company” or “Aqualis”), representing approximately 10.37% of the share capital and voting rights in the Company (the “Placing”). The Placing is to be conducted as an accelerated bookbuilding process.
The bookbuilding process will commence immediately following the publication of this announcement and may be closed at short notice at the full discretion of the Bookrunner. A further announcement will be made following pricing of the shares in the Placing. Braemar reserves the right, at its own discretion, to sell fewer shares or no shares at all. Assuming all the shares available in the Placing are sold, Braemar will hold 9,640,621 shares in Aqualis.
Braemar currently holds 19,240,621 shares in the Company, equivalent to 20.79% of the share capital and voting rights. Braemar will enter into a customary 90 days lock-up for its remaining shares in the Company not sold in the Placing. Braemar is represented on the Board of Directors of the Company, through board member Ron Series.
For further information, please contact the Bookrunner:
Sparebank 1 Markets: +47 24 14 74 70
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
This announcement is not an offer of securities or investments for sale or a solicitation of an offer to buy securities or investments in any jurisdiction where such offer or solicitation would be unlawful. No action has been taken that would permit an offering of the securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
In member states of the European Economic Area (“EEA”) (each, a “relevant member state”), this announcement and any offer if made subsequently is directed exclusively at persons who are “qualified investors” within the meaning of the prospectus regulation (“qualified investors”). For these purposes, the expression “prospectus regulation” means regulation (EU) 2017/1129.
In the United Kingdom this announcement is directed exclusively at qualified investors (i) who have professional experience in matters relating to investments falling within article 19(5) of the financial services and markets act 2000 (financial promotion) order 2005, as amended (the “order”) or (ii) who fall within article 49(2)(a) to (d) of the order, and (iii) to whom it may otherwise lawfully be communicated.
In connection with the placing, the bookrunner and any of its affiliates acting as an investor for their own account may take up as a principal position any shares and in that capacity may retain, purchase or sell for their own account such shares. In addition, the bookrunner or its affiliates may enter into financing arrangements and swaps with investors in connection with which the bookrunner (or its affiliates) may from time to time acquire, hold or dispose of shares. The bookrunner does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligation to do so.
No guarantee can be made that any securities will be sold pursuant to the placing.
The bookrunner is acting on behalf of the seller and no one else in connection with the placing and will not be responsible to any other person for providing the protections afforded to clients of the bookrunner or for providing advice in relation to the placing.
Financial calendar for AqualisBraemar LOC ASA
FINANCIAL YEAR 2020
25.02.2021 – Quarterly Report – Q4
FINANCIAL YEAR 2021
20.08.2021 – Half-yearly Report
22.04.2021 – Annual Report
02.06.2021 – Annual General Meeting
13.05.2021 – Quarterly Report – Q1
28.10.2021 – Quarterly Report – Q3
This information is published pursuant to the requirements set out in the Continuing obligations.
The following primary insiders have on 7 January 2021 sold shares in AqualisBraemar LOC ASA (“AqualisBraemar LOC”):
Haakon Brandrud, Director of Strategy and Corporate Development, has sold 82,116 shares at an average price of NOK 10.00 per share. Following the transactions, he holds 278,084 shares and 135,000 share options in AqualisBraemar LOC.
This information is subject to disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.
For further information, please contact:
Dean Zuzic, CFO, AqualisBraemar LOC ASA
Telephone: +47 41 43 35 60
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
AqualisBraemar LOC ASA (OSE: Aqua) offers independent adjusting, marine and offshore consultancy to the global renewables, maritime, oil and gas and power sectors. The group has offices in 39 countries worldwide. AqualisBraemar LOC ASA operates under seven brands: AqualisBraemar, LOC, OWC, Innosea, Longitude, JLA and ABL Yacht Services.
On 14 December 2020, the Extraordinary General Meeting of AqualisBraemar ASA resolved to change the company’s name to AqualisBraemar LOC ASA. The name change has as of today been registered with the Norwegian Register of Business Enterprises (Norwegian: Foretaksregisteret).
For further information, please contact:
Dean Zuzic, CFO, AqualisBraemar LOC ASA
Telephone: +47 41 43 35 60
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
AqualisBraemar LOC ASA (OSE: Aqua) offers independent adjusting, marine and offshore consultancy to the global renewables, maritime, oil and gas and power sectors. The group has offices in 39 countries worldwide. AqualisBraemar LOC ASA operates under seven brands: AqualisBraemar, LOC, OWC, Innosea, Longitude, JLA and ABL Yacht Services.
AqualisBraemar has acquired 100 percent of the shares in Neptune Midco 1 Limited from the ultimate parent company of the LOC Group, LOC Group Holdings Limited, the shareholders of which include pan-European investment group Bridgepoint and key employees of LOC (the “Transaction”). The purchase price consideration was a USD 20.2 million cash consideration plus two million conditional warrants in AqualisBraemar. For further details, see the stock exchange announcement dated 23 November 2020.
AqualisBraemar hereby announces that all conditions for completion of the Transaction have been fulfilled, and that the Transaction has been completed.
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.
“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,”
David Wells, CEO in Oslo-listed 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 all over the world. On preliminary pro-forma basis, the combined group has delivered revenues of USD 139 million in the past twelve months (AqualisBraemar stand-alone: USD 76 million) up until 30 September 2020, with an adjusted EBITDA of USD 12.5 million (USD 5.7 million). The joint group’s order backlog was USD 83 million (USD 28 million) at the end of the third quarter.
By joining the fast-growing specialist renewable entities of AqualisBraemar’s offshore wind consultancy firm OWC and LOC Group’s Innosea and other renewable focused units, the combined group will double its size within renewables.
The 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.
“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,” says David Wells.
AqualisBraemar and LOC Group will be trading separately until the latter part of April 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.
In connection with the Transaction, AqualisBraemar has been advised by Clarksons Platou Securities AS as sole financial advisor, Advokatfirmaet Haavind AS and Eversheds Sutherland as legal advisors, and Corporate Communications AS as communication advisor.
For further information, please contact:
Dean Zuzic, CFO, AqualisBraemar LOC ASA
Telephone: +47 41 43 35 60
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
AqualisBraemar LOC ASA (OSE: Aqua) offers independent adjusting, marine and offshore consultancy to the global renewables, maritime, oil and gas and power sectors. The group has offices in 39 countries worldwide. AqualisBraemar LOC ASA operates under seven brands: AqualisBraemar, LOC, OWC, Innosea, Longitude, JLA and ABL Yacht Services.
