ABL Group ASA (“ABL Group” or the “Company”) has today transferred 73,787 shares at an average price of NOK 0.1 to certain employees, as part of the deferred consideration for the acquisition of East Point Geo Ltd (“East Point Geo”) in 2021. The other deferred compensation due in 2024 related to East Point Geo has been settled in cash.

Following this transfer, the remaining deferred consideration in relation to East Point Geo consists of 442,722 ABL Group shares payable in two equal instalments in 2026 and 2028, subject inter alia to the original sellers’ continued employment in ABL Group.

For more information about the East Point Geo acquisition and the deferred consideration, please refer to the stock exchange notice dated 19 February 2021 and ABL Group’s annual report.

Following completion of the above transactions, ABL Group owns a total of 176,213 of its own shares, corresponding to 0.14% of ABL Group’s share capital.

This information is subject to disclosure requirements in Regulation EU 596/2014 (MAR) article 19 no. 3 and the Norwegian Securities Trading Act section 5-12.

The Annual General Meeting of ABL Group ASA was held today. All resolutions proposed in the notice to the Annual General Meeting were approved by the shareholders. Please find attached the minutes from the Annual General Meeting.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and requirements under the EU Market Abuse Regulation.

15 May 2024 – ABL Group has entered into an agreement to acquire 100 percent of the shares of specialist energy consultancy Ross Offshore from Moreld Group.

“We welcome the Ross Offshore team to ABL Group and look forward to the amalgamation of the business within our AGR brand. This is the latest expansion of our technical offering in wells and reservoir operations, bringing together an even deeper pool of expertise, that enables us to support more clients worldwide across their oil operations. Moreover, Ross Offshore’s competency in marine operations consulting further enhances the Group’s market position as consultant of choice to support energy and marine operations” says Reuben Segal, CEO of ABL Group.

Following completion of the transaction, Ross Offshore will merge with ABL Group company AGR, expanding and further strengthening the group’s service offering in wells, reservoir operations and other consultancy services.

“As oil and gas companies have continued to grow over the years, we too need to expand our capacity and competence to ensure that we can provide the best possible support to our clients through the challenges they face. AGR first joined forces with First Geo, then Add Energy, and now Ross Offshore, showing our commitment to growing with our customers to drive safety and efficiency in their oil and gas operations in both current and new markets worldwide,” says Svein Sollund, CEO of AGR.

Strategic Rationale

• A combination of like-minded companies with overlapping cultures and values and highly complementary service portfolios.
• Consolidates recognised expertise of AGR and Ross Offshore in wells and reservoir consulting and engineering, creating a stronger platform for future expansion.
• Creates opportunity for both AGR and Ross Offshore together to accelerate the globalisation of their service portfolio, leveraging the wider ABL Group’s global footprint and expansive client network.
• Chance to enhance both AGR and Ross Offshore’s growing resource consultancy businesses, bringing value to the oil and gas industry, and accelerating ongoing expansion to support renewable energy sectors.
• Enhances ABL Group’s growing service offering to support energy and marine operations, with Ross Offshore’s service portfolio in marine operations consulting.

“As part of ABL Group, Ross Offshore will have the opportunity to expand both its core technical competency in wells and reservoirs, its growing offering in marine operations consulting, and its vision to grow in CCS and geothermal technologies. This merger also creates an even stronger platform off which both Ross Offshore and AGR together can globalise their expertise and expand beyond their established markets,” continues Segal, CEO of ABL Group.

About Ross Offshore

Ross Offshore was established in 1997 as a consulting company in Sandefjord, Norway. Since then, the company has grown to be a complete provider of drilling and well management services on behalf of operators; subsurface services including offerings within reservoir and field development, exploration, reserve audits and due diligence, and carbon capture and storage; and consultancy and resourcing services.

Ross Offshore also provides services for marine and offshore operations, spanning marine mobilisation, HSEQ consulting and contracts and logistics. This service line complements ABL Group’s expanding offering in supporting marine and energy operations. Ross Offshore holds frame agreements for well management, specialized services and consultancy for several clients – both small and large – on the Norwegian continental shelf.

Headquartered in Stavanger, Norway, Ross Offshore currently employs 152 people, of which 48 permanent staff and 104 associates / independent consultants. The company also has offices in Sandefjord and Bergen, Norway. In 2023, Ross Offshore delivered gross revenue of approximately NOK 848 million (equivalent to USD 80.3 million at 2023 average FX rate). Approximately NOK 378 million (USD 35.6 million) of last year’s gross revenue derived from recharged vessel charter costs, giving net revenue from core services of approximately NOK 470 million (USD 45.4 million). Ross Offshore’s 2023 EBIT of NOK 31 million (USD 2.9 million) represents approximately 6.6% EBIT margin on net revenue basis.

“This partnership is a strategic synergy of two completely complementary companies, unlocking the opportunity to further strengthen our mutual position in oil and gas markets, so we can help bring best practice to more clients in more countries globally. It also represents a chance for both companies to grow our activity in the energy transition space. Lastly, with AGR and part of ABL Group, we will be able to nurture and grow the Ross approach for technical excellence beyond Norway and into new industry sectors,” says Jørgen Jørgensen, CEO of Ross Offshore.

“Ross Offshore has demonstrated strong growth under the ownership of the Moreld Group, and we are confident the transition to the ABL Group will continue this successful journey. The strategic decision of this agreement reflects our commitment to optimizing the portfolio and focusing our resources where they can have the greatest impact, enabling Moreld to pursue opportunities aligned with our long-term strategy,” says Geir Austigard, CEO of Moreld Group.

Ross Offshore also holds a minority 25% shareholding in Danish well management and subsurface consultancy Ross Energy.

Transaction Details

ABL Group acquires 100 percent of the shares in Ross Offshore from Moreld Group AS, a company backed by McIntyre Partners and Velocity Partners. The transaction values Ross Offshore at NOK 100 million (equivalent to USD 9.2 million at current FX rates) on a cash and debt-free basis, based on locked box accounts as of 31 December 2023. The transaction will be settled in cash on completion, utilising ABL Group’s existing cash holdings and undrawn credit facilities.

The transaction, which is subject to approval by the Norwegian competition authority, is expected to be completed in late Q2 or in early Q3 this year.

Oslo, 30 April 2024 – ABL Group ASA (“ABL Group” or the “Company”) (OSE: ABL) initiated a share buyback program on 20 March 2024 to repurchase up to 250,000 of the Company’s common shares in open market transactions on the OSE until the date the maximum number of shares have been repurchased. If the buyback is not completed before the 2024 Annual General Meeting (expected on or about 29 May 2024), the buyback shall be temporarily paused and may later continue, subject to the Board’s renewed approval, in accordance with a new authorization to repurchase shares expected to be granted to the Board of Directors by the 2024 Annual General Meeting.

For the period from and including 22 April through 26 April 2024, ABL Group purchased a total of 68,752 shares at an average price of NOK 11.96 per share. The transactions effected through the agreement with Arctic comprise all the transactions effected by or on behalf of ABL Group during the period.

Transaction overview:

The issuer’s holding of own shares: 204,402
Following the completion of the above transactions, ABL Group owned a total of 204,402 of its own shares, corresponding to 0.16% of ABL Group’s share capital.

Appendix:
An overview of all transactions made under the Company’s buyback program and its agreement with Arctic Securities that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

The Annual General Meeting of ABL Group ASA (the “Company”) will be held on 29 May 2024 at 11:00 CET at the Company’s offices, c/o AGR AS, Karenslyst Alle 4, 0278 OSLO.

Shareholders are recommended to exercise their shareholder rights through advance votes by electronic communication via VPS Investor Services or to vote by proxy prior to the meeting. The notice, including attendance, proxy and advance voting forms, will be mailed to all shareholders with known addresses. The complete notice, including the recommendation from the Nomination Committee, is attached to this notification and will also be available on our Corporate Governance page.

Dividend Amount: NOK 0.40 per share

Declared currency: NOK

Last day including right: 29 May 2024

Ex-date: 30 May 2024

Record date: 31 May 2024

Payment date: On or about 15 June 2024

Date of approval: 29 May 2024

The dividend payment is conditioned upon approval by the Annual General Meeting to be held on 29 May 2024.

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

25 April 2024 – ABL Group’s 2024 first-quarter results

HIGHLIGHTS Q1 2024

• Revenues of USD 68.9 million (Q1 23: USD 45.2 million)
• Operating profit of USD 3.4 million (Q1 23: USD 2.7 million)
• Adjusted EBIT of USD 3.7 million (Q1 23: USD 3.2 million)
• Net cash of USD 19.4 million (Q4 23: USD 17.2 million)
• Proposed semi-annual dividend of NOK 0.4 per share in H1 2024 upheld

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:
“We achieved solid operating results in the first quarter. The acquisition of AGR accounted for a large element of our annual growth of 53%, but we also demonstrated organic growth in all existing parts of the business. We delivered year-on-year margin improvement across three of our four segments, while our renewables consultancy, OWC, experienced lower utilisation in a tough offshore wind market.

Our outlook for ABL Group for 2024 remains upbeat. A larger share of global oil & gas expenditure is expected to go into offshore execution, where ABL Group’s core capacity lies. The offshore wind industry sentiment is improving in what will be the busiest year of auctions ever in the sector. Finally, activity in the maritime sector remains high and stable, providing a robust base for our more cyclical operations.”

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 our Reports and Presentations page.

Oslo, 2 April 2024 – ABL Group ASA (“ABL Group” or the “Company”) (OSE: ABL) initiated a share buyback program 20 March 2024 to repurchase up to 250,000 of the Company’s common shares in open market transactions on the OSE until the date the maximum number of shares have been repurchased. If the buyback is not completed before the 2024 Annual General Meeting (expected on or about 29 May 2024), the buyback shall be temporarily paused and may later continue, subject to the Board’s renewed approval, in accordance with a new authorization to repurchase shares expected to be granted to the Board of Directors by the 2024 Annual General Meeting.

For the period from and including 25 March through 27 March 2024, ABL Group purchased a total of 13,650 shares at an average price of NOK 11.92 per share. The transactions effected through the agreement with Arctic comprise all the transactions effected by or on behalf of ABL Group during the period.

Transaction overview:

The issuer’s holding of own shares: 41,050
Following the completion of the above transactions, ABL Group owned a total of 41,050 of its own shares, corresponding to 0.03% of ABL Group’s share capital.

Appendix:
An overview of all transactions made under the Company’s buyback program and its agreement with Arctic Securities that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.