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.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANYOTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to the stock exchange announcements from ABL Group ASA (“ABL Group” or the “Company”) on 20 March 2023, 18 April 2023 and 19 April 2023 regarding the acquisition of 100 percent of the shares in AGR AS, and the issuance of 18,166,667 ordinary ABL Group shares to the sellers as part of the consideration (the “Consideration Shares”).
The Consideration Shares were issued on a separate ISIN until approval by the Financial Supervisory Authority of Norway (Nw. Finanstilsynet) (the “FSA”) of a listing prospectus (the “Prospectus”).
As the Prospectus has been approved and published, the Consideration Shares will be transferred to the same ISIN as the rest of the Company’s shares (ISIN NO0010715394) and are expected to be tradable on Oslo Børs on or about 27 June 2023. As further described in the stock exchance announcements referred to above, all Consideration Shares remain subject to a 12 month lock-up period.
26 June 2023
For further information, please contact:
Investors and financial media
Stuart Jackson, CFO, ABL Group ASA Telephone: +971 4 3793612
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.
ABL Group ASA’s renewable energy consultancy OWC has entered into an agreement to acquire 100 percent of the shares of Denmark-based offshore wind consultancy, Delta Wind Partners ApS (DWP) – 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 operational 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.
“With Delta Wind Partners we are broadening our expertise and experience so we can provide the most comprehensive technical offering to support the acceleration of the offshore wind industry. It gives us a presence in an important offshore wind market, at the heart of where the wind energy sector was born. DWP’s impressive expertise in WTG technology at the latter phases of an offshore wind project’s lifecycle perfectly complements OWC’s experience at the development phase, something that combined will add great value to our clients. As we also have a track-record of working together, this acquisition is not only a clear technical fit, but also a perfect cultural fit.”
William Cleverly, CEO of OWC
ABOUT DELTA WIND PARTNERS (DWP)
DWP was established by a team of engineers specialising in wind turbine construction and operation. The consultancy provides technical solutions to support clients in getting the most out of their WTGs throughout the lifecycle of an offshore wind farm. The company has a track-record of supporting both bottom-fixed and floating wind projects.
Based in Silkeborg, Denmark, DWP has worked on projects locally and abroad in the UK, Ireland, Japan and South Korea.
In the last 12 months as of April 2023, the company delivered revenue of approximately DKK 15.6 million (USD 2.3 million), and EBIT of approximately DKK 2.7 million (USD 0.4 million).
COMPLEMENTARY EXPERTISE
The acquisition expands OWC’s offering to clients at installation and O&M phases and offers opportunity to apply lessons learnt from latter project phases into feasibility and development, adding value to OWC, clients and the industry at large.
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. The added value of DWP’s breadth of knowledge in turbine technologies also enhances OWC’s overall support for the development and innovation of floating wind technology.
“This is an exceptional opportunity for Delta Wind Partners, as it allows us to leverage our complementary competencies and expand our reach in the areas where we excel: planning and executing the WTG aspects of projects. By combining our unique turbine expertise with OWC’s industry-leading capabilities, we gain unparalled access to a wider range of projects, particularly in the thriving field of floating wind.
“Additionally, this strategic consolidation positions us to better support Denmark in its ambitious offshore wind commitments, including the upcoming auction of 9 GW of capacity starting this year. This consolidation builds upon an existing mutual respect and friendship, providing an excellent opportunity to grow our team and expertise for the benefit of colleagues and clients alike.”
René Aagaard, Director and Co-Founder of Delta Wind Partners (DWP)
DWP Director and Co-Founder René Aagaard with OWC CEO William Cleverly, 26.06.2023
TRANSACTION TERMS
OWC has agreed to acquire 100 percent of the shares in Delta Wind Partners. The total closing consideration of approximately DKK 12 million (USD 1.8 million) will be settled with a combination of approximately DKK 8 million in cash and 413,838 shares in ABL Group ASA. The acquisition is expected to be completed during the third quarter of 2023.
OWC is part of leading global consultancy and engineering group, ABL Group ASA. The acquisition of DWP is a purely renewable energy acquisition, reflecting both OWC and the parent company’s commitment to driving sustainability and energy transition technologies.
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.
The shares in ABL Group ASA will be traded ex-dividend NOK 0.35 as of today, 1 June 2023. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The Annual General Meeting in ABL Group ASA, held 31 May 2023 at 11 am, approved the Board’s proposal of distributing a dividend of NOK 0.35 per share.
The shares in ABL Group ASA will be traded without the right to receive dividend as from 1 June 2023 (ex-date). The dividend will be distributed to the shareholders on or about 15 June 2023.
The Annual General Meeting of ABL Group ASA was held today, 31 May 2023 at 11 am.
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.
The Annual General Meeting of ABL Group ASA will be held on 31 May 2023 at 11:00 CET at the Company’s offices, 3rd floor, Haakon VIIs Gate 6, 0161 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 a known address. The complete notice, including the recommendation from the Nomination Committee, is available here.
Revenues of USD 45.2 million (Q1 22: USD 39.6 million)
Operating profit of USD 2.7 million (Q1 22: USD 2.8 million)
Adjusted EBIT of USD 3.6 million (Q1 22: USD 3.4 million)
Net cash of USD 16.3 million (Q4 22: USD 17.6 million)
Acquisition of AGR completed on 18 April
Proposed semi-annual dividend of NOK 0.35 per share in H1 2023 upheld
Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:
“The first quarter was overall positive, with record high revenues and solid profitability. Organic revenue growth continues to be driven primarily by our renewables consultancy OWC, while our Europe and Americas regions particularly demonstrate improved margins. Activity increased towards the end of the period, and we expect this trend to continue through the next quarter.
We are particularly pleased to have completed the acquisition of AGR just past the quarter’s end.The acquisition gives ABL Group a strong position in well and reservoir consultancy, grows our position within digitalisation and energy transition solutions, and expands our services with a resourcing offering that is already well established in the oil and gas sector and positioned for growth within offshore wind.”
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.
The quarterly report and a corresponding slide presentation is available here.
ABL Group ASA (“ABL Group”) will release its first-quarter results on Thursday, 27 April 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.
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.
Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
