ABL is pleased to announce that it has signed a strategic partnership between its global rig inspection team (RI) and Aberdeen-based health and safety consultancy Integrity HSE, reinforcing its RI services with an enhanced specialist offering in health, safety and environmental consultancy (HSE).
“Our clients demand the best, and that’s what we provide. They choose ABL because of their absolute trust in our rig inspection services, anywhere in the world. This alliance with Integrity HSE reflects our commitment to continually build on our offering to best serve our clients’ needs.”
Martin Clark, Rig Inspection Manager for Europe and West Africa
ABL – the energy and marine consultancy division of global consultancy ABL Group ASA – is a globally recognised provider of rig inspection and auditing (RI) services. Its experienced multi-disciplined teams combine professionals in marine, electrical, electro-technical, subsea, and mechanical engineering. Its track-record includes approximately +250 rig inspections annually across Americas, Europe, Middle East, North Africa and India, and Asia Pacific. ABL’s RI offering cover both onshore and offshore rig inspections.
The strategic alliance with Integrity HSE, enables ABL to offer clients a reinforced capability in HSE inspection services for rigs, further bolstering both company’s leading market position in the global rig inspection market.
Integrity HSE is a premier provider of HSE and training solutions. Its operational footprint extends from Aberdeen to Houston and Riyadh. The strategic partnership will further globalise Integrity HSE’s unique approach.
“We are very protective of our brand and wouldn’t normally consider an alliance of this type. But, when we began exploring the potential alignment with ABL, the fit was impossible to ignore. This partnership successfully established a new standard in HSE excellence within rig inspection, and we are excited to bring it to the market.”
Darrell Lines, Integrity HSE’s Director of Safety & Risk
ABL’s comprehensive RI service offering will be enhanced with Integrity HSE’s tailored onshore and offshore inspection and rig intake solutions. The services will add value to a wide range of drilling and production units from drill ships, DP and moored semi-submersibles, jack-up rigs, and involving everything from legacy manual operated units to the latest 7th generation cyber integrated control systems.
HSE services for RI will comprise of such elements as process safety (major accident prevention), personal safety, occupational health, human factors, training and competence (T&C), dropped object prevention (DROPS), and environmental compliance.
“This alliance is another step in establishing ABL and the wider ABL Group, as the leading technical authority in supporting rigs, wells and reservoirs throughout their lifecycle. Collaborating with Integrity HSE – a leading authority in specialised HSE for rigs – cements our commitment to supporting clients in reaching the very highest standards in safety and efficiency in their future rig operations.”
Steven Lee, Director of Offshore Technical Services in ABL
ABL is part of Oslo-listed ABL Group ASA. ABL Group also includes engineering consultancy and software provider, AGR, which specialises in solutions for wells and reservoir engineering throughout a project’s lifecycle.
Find out more about ABL’s global rig inspection team by submitting an enquiry below:
With reference to the stock exchange notice by ABL Group ASA (the “Company” or “ABL Group”) dated 4 May 2021, in which it was announced that ABL Group had granted employee share options as part of the Company’s long-term incentive plan (“LTIP”). The vesting date for these options is today, 14 December 2023.
The following share options have vested today: 8,545,000 share options, held by 121 option holders, with an exercise price of NOK 5.26.
In addition, the following share options have previously vested and been extended: 630,000 share options, held by 13 option holders, with an exercise price of NOK 3.09.
The Company has today opened an exercise window in which option holders may exercise the above share options. The exercise window closes on 8 January 2024 and any exercises will take effect only at the end of the window. Option holders who choose not to exercise during the current window will have their options extended for 1 year and will have the opportunity to exercise these in later exercise windows as decided by the Board of Directors.
Following today’s vesting of employee share options, there are 848,000 unvested employee share options outstanding, vesting on 11 July 2025 at an average exercise price of NOK 12.03.
For more information on the LTIP and outstanding share options, please see the Company’s Annual Report.
Revenues of USD 70.4 million (Q3 22: USD 44.1 million)
Operating profit of USD 5.5 million (Q3 22: USD 3.3 million)
Adjusted EBIT of USD 6.8 million (Q3 22: USD 4.0 million)
Net cash of USD 14.9 million (Q2 23: USD 14.6 million)
Acquisition of Delta Wind Partners completed in August
Semi-annual dividend of NOK 0.35 per share declared, to be paid in November
Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:
“We are very happy to report record quarterly revenues and adjusted EBIT in the third quarter of 2023, with improved margins in every business segment compared to our previous quarter. It is also the highest quarterly return on capital employed in the company’s history, in large part due to reduced capital intensity after our acquisition of AGR.
Outlook for ABL Group for the remainder of 2023 and into 2024 is positive. Whilst our activity in the maritime sector is high and stable, clients’ increased expenditure on oil & gas projects provides good prospects for 2024 and beyond. In the offshore wind consultancy market, we expect to see a slowing of the record growth levels recorded thus far in 2023 as markets adjust to increasing cost levels, but we are well positioned to capture market share, and we remain confident in the long-term market trajectory.”
A live webcast presentation of the quarterly results will be held today at 08:30 CET and will be available for replay shortly after. It will be possible to ask questions live on the webcast. To download the presentation and watch the webcast, please visit our Reports and Presentations page.
ABL Group ASA (“ABL Group”) will release its third quarter results on Thursday, 26 October 2023 at approximately 06:00 Central European Time (CET).
A presentation of the quarterly results will be held the same day at 08:30 CET. The event will be webcast live and available for replay shortly after. It will be possible to ask questions live on the webcast.
Revenues of USD 67.9 million (Q2 22: USD 41.4 million)
Operating profit of USD 4.4 million (Q2 22: USD 3.9 million)
Adjusted EBIT of USD 5.3 million (Q2 22: USD 4.4 million)
Net cash of USD 14.6 million (Q1 23: USD 16.3 million)
Acquisition of AGR completed in April
Semi-annual dividend of NOK 0.35 per share paid in June
Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:
“The second quarter of 2023 represents another step change in the development of ABL Group. The acquisition of AGR accounted for a large element of year-on-year growth at 64%, but organic growth of 47% in renewables consultancy OWC confirms we are well-placed to access active energy markets.
I retain a positive outlook for ABL Group for the second half of 2023. Whilst our activity in the maritime sector will remain relatively flat, clients’ increased expenditure on oil & gas projects provides activity for 2023 and beyond. We remain confident in the offshore wind market following the record high level of investment commitments announced year to date, and are pleased to have secured the acquisition of Delta Wind Partners to strengthen our market presence across the life cycle of projects.”
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.
Reference is made to the stock exchange notice from ABL Group ASA (“ABL Group” or the “Company”) on 23 August 2023 regarding the completion of the Company’s acquisition of 100 percent of the shares in Delta Wind Partners ApS and the issuance of 413,838 ordinary ABL Group shares to the sellers as part of the consideration thereof (the “Consideration Shares”).
The share capital increase pertaining to the issuance of the Consideration Shares has today been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret).
Following this, the Company’s registered share capital is NOK 12,335,036.70 divided into 123,350,367 shares each with a par value of NOK 0.10.
ABL Group ASA (“ABL Group”) will release its second-quarter results on Thursday, 31 August 2023 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.
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.
DWP is a specialist solutions provider for wind turbine generators (WTG).
The acquisition expands OWC’s technical offering in wind turbines and in consultancy at the installation and O&M phases of an offshore wind project. It also provides an opportunity to further grow DWP’s unique approach to WTG optimisation both globally and in the floating offshore wind market. DWP has a track-record of supporting both bottom-fixed and floating wind projects.
The addition of DWP also gives OWC and ABL Group a local presence in the Danish market, increasing the opportunity to support Denmark in delivering its renewable energy targets. Similarly, the acquisition provides DWP an opportunity to expand its expertise internationally across OWC’s office network spanning 14 countries in the world’s key offshore wind regions.
OWC has acquired 100 percent of the shares in Delta Wind Partners for a total closing consideration of approximately DKK 11.4 million (USD 1.7 million). The consideration is settled as follows:
Issuance of 413,838 ordinary ABL Group shares (the “Consideration Shares”) at a subscription price of NOK 15.29 per ABL Group share, based on the 20-day value weighted average share price on 26 June 2023.
DKK 7.4 million (USD 1.1 million) settled in cash on completion (the “Cash Consideration”).
The Consideration Shares are subject to a lock-up agreement and certain restrictions for 3-5 years, and will be issued pursuant to authorisation granted to the Board of Directors by ABL Group ASA’s Annual General Meeting on 31 May 2023. Subsequent to the transaction, ABL Group ASA’s share capital will be NOK 12,335,036.70 divided on 123,350,367 shares each with a par value of NOK 0.10.
OWC is a specialist global consultancy that helps develop and deliver projects and investments in offshore and onshore wind, solar PV, battery energy storage, hydrogen, and wave & tidal energy. The company specialises in project development services, owner’s engineering and technical due diligence. OWC also includes geo-consulting specialists East Point Geo, and the French marine renewable energies specialists Innosea.
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