ABL has been contracted to provide marine advisory and marine warranty survey (MWS) services to the AltaGas and Royal Vopak’s joint venture, to support the Ridley Island Energy Export Facility (REEF) development in Canada.
REEF is a large-scale liquefied petroleum gas (LPG) and bulk liquids terminal with rail, logistics and marine infrastructure on Ridley Island, British Columbia, Canada.
ABL’s scope of work includes marine advisory and MWS for the transportation of critical and heavy project cargo, from both international and domestic suppliers.
For the early planning phase, ABL’s marine advisory support services comprises commercial and technical bid evaluations as well as engineering design support. For the execution phase, ABL’s MWS services include independent third-party engineering review, vessel inspection, and site representation during cargo handling and transportation from overseas fabrication locations to Canada.
ABL’s involvement has already commenced and will continue until the first quarter of 2026. ABL has not disclosed the value of its contract.
ABL’s operation in Canada will lead the project, with support from ABL’s offices in Houston, Texas, and China.
“The REEF project will receive critical equipment from several corners of the world. Our job is to help make sure it arrives safely on site. Our global office network of marine transportation specialists will play a key role in achieving this,”
says David Ballands, ABL’s director of energy services in the Americas region.
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 and gas sectors. The group has offices in 44 countries worldwide and operates under four main brands: ABL, OWC, Longitude and AGR.
Hidromod is Portugal’s leading consultancy in water management solutions and numerical modelling. Through this acquisition, ABL Group expands its service offering to water management consultancy to support offshore, coastal and inland assets and projects, including with Hidromod’s proprietary subscription-based software AquaSafe. The deal will also enhance existing offerings in ports and harbours consultancy and in climate change risk assessment and adaptation.
Read more about the transaction in our original press release:
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 and gas sectors. The group has offices in 44 countries worldwide and operates under four main brands: ABL, OWC, Longitude and AGR.
Energy and marine consultancy ABL Group has entered into an agreement to acquire 100 percent of the shares of Hidromod – Portugal’s leading consultancy in water management solutions and numerical modelling.
Through this acquisition, ABL Group expands its service offering to water management consultancy to support offshore, coastal and inland assets and projects, including with Hidromod’s proprietary subscription-based software AquaSafe. The deal will also enhance existing offerings in ports and harbours consultancy and in climate change risk assessment and adaptation.
“We are excited to welcome Hidromod as part of ABL Group. Water is fundamental to our planet’s sustainability, both in terms of its essential properties to life and in the risks it poses to infrastructure and communities as climate change effects take hold. Hidromod provides vital and innovative solutions that will bring considerable value to the clients and markets we serve, whilst opening the door to drive sustainability in new sectors.”
Reuben Segal, ABL Group CEO
About Hidromod
Established in 1992, Hidromod specialises in numerical modelling and digital twin solutions to simulate and predict the behaviour of coastal systems, estuaries, catchments and other water bodies. By leveraging its data-science skills, the company provides real-time insights and advanced forecasting, enabling a comprehensive understanding of past, present and future conditions. The company is based in Lisbon and has 16 employees, including five PhDs, and delivered a revenue of approximately EUR 1 million in 2023.
Its solutions are applied to provide accurate evaluations of specific scenarios and improve efficiency in ports and harbours, offshore aquaculture and renewable energy, inland water management covering river engineering and agricultural projects.
Hidromod’s software solution, AquaSafe, is a digital decision support system, designed to process mass datasets and output clear and easy-to-use analyses regarding water behaviours in a particular location or relevant to a project.
Expansion strategy
The acquisition represents an opportunity to globalise and expand Hidromod’s unique expertise and services, leveraging ABL Group’s expansive global footprint and multi-disciplined teams.
Further, Hidromod’s AquaSafe, has significant potential for application across a wider cross-section of industries and to more markets, which ABL Group can provide the entry point for.
The acquisition of Hidromod also represents an opportunity to expand ABL Group’s operations in Portugal, including provision of its marine and renewable energy consultancy to support the local market, leveraging Hidromod’s established market presence and reputation.
The parties have not disclosed the financial details of the transaction, which is expected to be completed in October 2024.
22 August 2024 – ABL Group’s 2024 second-quarter results
Highlights Q2 2024
Revenues of USD 68.6 million (Q2 23: USD 67.9 million)
Operating profit of USD 2.2 million (Q2 23: USD 4.4 million)
Adjusted EBIT of USD 2.8 million (Q2 23: USD 4.9 million)
Net cash of USD 10.8 million (Q1 24: USD 19.4 million)
Acquisition of Ross Offshore completed in June
Semi-annual dividend of NOK 0.40 per share paid in June
Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:
“In Q2 2024 our revenue growth was somewhat curtailed by the continued pause in the offshore wind market, and we were not able to replicate the strong EBIT levels attained last year. However, I remain positive on the outlook for our business as a whole.
Our ABL and AGR businesses performed reasonably well and I expect the acquisition of Ross Offshore, completed in Q2, to further expand our AGR business segment offering.
However, the pause in the renewables sector, and offshore wind in particular, weighs on our quarterly results for OWC and has some rollover effect in Longitude. The offshore wind sector remains a strong market with high growth potential, and we are very well positioned to take advantage of it. But, recent indications are that the recovery will take longer to materialise than anticipated. As a consequence, we continue to proactively manage the business in the more challenging near-term market so that we lead the market in the recovery.”
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.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
ABL Group ASA (“ABL Group”) will release its second quarter results on Thursday, 22 August 2024 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.
Between 2019 and 2022, ABL Group ASA (the “Company” or “ABL Group”) granted employee share options as part of the Company’s long-term incentive plan (“LTIP”). Each option gives a right to receive one share in the Company. For more information on the LTIP and outstanding share options, please see the Company’s Annual Report.
The Company has today opened an exercise window in which option holders may exercise vested share options. The exercise window closes on 22 August 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 the opportunity to exercise these in later exercise windows as decided by the Board of Directors.
The following share options vested in 2022 and 2023, and may be exercised during the current window:
450,000 share options, held by 10 option holders, with an exercise price of NOK 2.99.
4,597,500 share options, held by 68 option holders, with an exercise price of NOK 5.09.
In addition to the above, there are 783,000 unvested employee share options outstanding, vesting on 11 July 2025 at an average exercise price of NOK 11.63.
ABL Group ASA (the “Company”) has today transferred 130,000 of its treasury shares to Stuart Jackson, Chief Financial Officer at ABL Group. The transfer of treasury shares to Mr Jackson is made to fulfil an agreement with Mr Jackson under which he, upon starting his engagement in the Company, were to receive 130,000 treasury shares. The treasury shares have been transferred following Mr. Jackson’s completion of his obligation to purchase shares and the Company completing its share re-purchase scheme to be able to transfer treasury shares under the agreement with Mr. Jackson.
The treasury shares transferred to Mr Jackson have a lock-up until 23 January 2026.
Following completion of the above-mentioned transfer, the Company owns a total of 46,213 of its own shares, corresponding to approx 0,04% of the Company’s share capital.
This information is subject to the disclosure requirements in the Market Abuse Regulation article 19 and section 5-12 of the Norwegian Securities Trading Act.
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 and gas sectors. The group has offices in 44 countries worldwide and operates under four main brands: ABL, OWC, Longitude and AGR.
Reference is made to the stock exchange announcement dated 15 May 2024 regarding the planned acquisition of 100 percent of the shares of specialist energy consultancy Ross Offshore. ABL Group has today successfully completed the transaction.
Ross Offshore will now merge with ABL Group company AGR, thereby expanding and further strengthening the group’s service offering in wells, reservoirs, and marine & survey management.
“We are glad to welcome everyone in Ross Offshore to the ABL Group family and we will be working in the coming months on bringing them under the AGR brand. As a result of becoming one team with AGR, the Ross Offshore and AGR united team has more than 500 knowledge heavy professionals working on behalf of the client base. Ross Offshore also brings new locations to our Group presence in Norway – Bergen and Sandefjord in addition to our offices in Stavanger, Oslo and Tromsø.”
Reuben Segal, CEO of ABL Group
The transaction to acquire 100 percent of the shares in Ross Offshore has been settled in cash, utilising ABL Group’s existing cash holdings and undrawn credit facilities. The transaction values Ross Offshore at NOK 100 million (equivalent to USD 9.3 million at current FX rates) on a cash and debt free basis, based on locked box accounts as of 31 December 2023.
Discover Ross Offshore and learn more about their technical and engineering expertise in wells, subsurface, technical resourcing and marine operations:
ABL – the energy and marine consultants – has appointed asset management engineering professional, David Heavey as Asia-Pacific Regional Director for Asset & Integrity Management (AIM), to drive the service line’s expansion in the region.
David brings to the role, over 30 years of extensive experience in the asset management sector, beginning with the construction and commissioning of offshore platforms in the North Sea. His career trajectory led him to the Middle East, where he took on operational maintenance roles for offshore oil producers. Over recent years, David has moved into the asset management consultancy sphere, initially within a major oil field service provider in the UAE and Australia, before joining an Australian engineering, operations, and training service provider.
“We are delighted to have David join the company with a focus on establishing ABL’s asset & integrity management services within the APAC region. David’s extensive background in engineering, asset management, and maintenance will allow him to approach clients with a high level of understanding that will benefit operations across varying sectors,” comments Simon Healy, ABL Regional Managing Director for Asia Pacific
With a degree in Mechanical Engineering, David boasts a diverse skill set encompassing the construction of major facilities, commissioning and operation of machinery, analysis and refurbishment of equipment, and condition monitoring of critical rotating machinery. His status as a Fellow of the Institute of Engineers Australia underscores his specialist capabilities in Mechanical Engineering, Asset Management, and Project Management.
Expressing his excitement about joining ABL, David states,
“I am very excited to be part of ABL’s AIM expansion into the Asia Pacific region. I am incredibly proud of the teams I have helped establish to deliver asset management projects in Australia, all coming from differing backgrounds, spanning both energy and non-oil & gas industries. ABL is a recognised name in asset and integrity management, and particularly in the oil & gas sector, whilst rapidly growing in other sectors including maritime, renewables, and manufacturing. I am looking forward to the challenge of building a regional team to bring this recognised service offering to add value to more markets and more industries across APAC.”
As part of the AIM expansion, David will also showcase ABL’s software suite to the APAC region. David adds,
“I am also very excited at the prospect of bringing the award-winning AssetVoice, Effio, and ePAV to the region. There are endless possibilities in applying these versatile tools to ABL’s core sectors of oil and gas, maritime, and renewables, as well as new industries such as healthcare, manufacturing, and field services.”
AIM offers strategic asset management, maintenance, inventory, and data optimisation solutions that enable operations across the globe to be safe, efficient, and profitable. Expanding AIM service offerings to the APAC region signals ABL’s commitment to technical and service excellence, providing innovative end-to-end solutions that allow our clients across energy and oceans to receive unparalleled support throughout the entire lifecycle of their projects.
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.
