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:
Date
Aggregated daily volume (# of shares)
Weighted average price (NOK)
Total daily transaction value (NOK)
22.04.2024
10 825
11.97
129 887
23.04.2024
10 200
12.42
126 726
24.04.2024
14 900
12.16
181 256
25.04.2024
14 800
11.51
170 298
26.04.2024
18 800
11.90
214 272
Total earlier announced buy-back under the program
135 650
11.96
1 622 619
Program total
204 402
11.96
2 445 058
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.
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.
“We are delighted to be awarded by OMV Petrom the opportunity to support this important energy development for Romania and the wider Black Sea. ABL brings significant experience in marine warranty, engineering, consulting and surveying across the Black Sea region. We are also continuously cementing our commitment to the region with the development of our offices in Bulgaria, Turkey and our more recent office opening in Romania.”
Shai Tzucker, ABL’s Managing Director of energy services in Europe and West Africa
The Neptun Deep project is the largest natural gas project in the Romanian Black Sea. Production is expected to start in 2027 contributing to the region’s energy security.
ABL’s London operation has won the contract to provide MWS services to review, survey and approve all operations relating to the Transportation & Installation (T&I) of critical project assets for development of both Domino and Pelican South fields. ABL’s scope of work includes the T&I of the shallow water platform, subsea installation at both fields including a 160 km subsea pipeline from the said platform to the shore.
The shallow water platform will be fabricated at yards in Italy and Indonesia. ABL’s project management will be centralised in London, whilst much of the operational and on-site attendances will be delivered by ABL’s local Black Sea operations. ABL’s wider global team will also support the project’s global supply chain, including its Indonesian operations based in Jakarta and Batam.
“This energy infrastructure project will also play an important role in supporting Europe’s longer-term energy security. As such, we are pleased to offer our capabilities to support the delivery of the project.”
Sergio Leone, MWS Project Manager and Business Development Lead for Europe and Africa
ABL, which is part of Oslo-listed ABL Group ASA, is an independent energy and marine consultancy specializing in solutions to de-risk and drive the energy transition across renewables, maritime and oil and gas sectors.
Join ABL to mark the Launch of ABL Romania | Thursday 9th May, Constanta
ABL Romania is hosting an official launch event on Thursday 9th May, from 16:00, to mark the opening of its new office, which is the latest expansion of ABL’s operations in the Black Sea, to support the delivery of the region’s offshore oil & gas projects, whilst supporting the development of Romania’s energy transition strategy.
The launch event will begin with a collaborative industry panel discussion, bringing together stakeholders from Romania’s oil & gas, maritime and renewable energy industries, to discuss:
Delivering Black Sea Energy Today and Transitioning to a Net-Zero Future:
The risks and rewards on the horizon
Leading questions to discuss:
The Black Sea as key to European Energy Security: What’s the status on energy production and what are the challenges?
Black Sea energy diversification: What does the future look like?
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:
Date
Aggregated daily volume (# of shares)
Weighted average price (NOK)
Total daily transaction value (NOK)
25.03.2024
208
12.25
2 548
26.03.2024
10 500
11.91
125 103
27.03.2024
2 942
11.93
35 109
Period total
13 650
11.92
162 760
Total earlier announced buy-back under the program
27 400
12.18
333 744
Program total
41 050
12.10
496 504
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.
Oslo, 26 March 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 20 March through 22 March 2024, ABL Group purchased a total of 27,400 shares at an average price of NOK 12.18 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:
Date
Aggregated daily volume (# of shares)
Weighted average price (NOK)
Total daily transaction value (NOK)
20.03.2024
10 900
12.30
134 084
21.03.2024
6 000
12.24
73 410
22.03.2024
10 500
12.02
126 250
Period total
27 400
12.18
333 744
Total earlier announced buy-back under the program
0
0
0
Program total
27 400
12.18
333 744
The issuer’s holding of own shares: 27,400 Following the completion of the above transactions, ABL Group owned a total of 27,400 of its own shares, corresponding to 0.02% 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.
ABL Group ASA (or the “Company”, ticker: “ABL”) has decided to initiate a share buyback program of up to 250,000 of its own shares, representing approximately 0.2% of the outstanding share capital in the Company.
The buyback program will be conducted in accordance with the authorization granted to the Board of Directors at the Annual General Meeting on 31 May 2023.
Under the share buyback program, shares may be acquired for a total maximum amount of NOK 5,000,000 and for a maximum of 250,000 shares.
The number of shares acquired per day shall not exceed 25% of the average daily trading volume in the 20 trading days preceding the relevant purchase date.
The repurchase will be conducted in the period from 20 March 2024 until the date the maximum number of shares have been repurchased. If the repurchase is not completed before the 2024 Annual General Meeting (expected on or about 29 May 2024), the repurchase 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. This means that repurchase of shares may be continued after the date of the 2024 Annual General Meeting, until the earlier of the date the maximum number of shares have been acquired and 30 June 2024.
The purpose of the share buyback program is to meet near term contractual obligations on past M&A transactions and to fulfil obligations in connection with employee share programs. Any shares purchased will be held in treasury until used for the above purposes.
The buyback program will be managed by Arctic Securities AS, which will make its trading decisions in relation to the acquisition of shares independently of, and uninfluenced by, the Company.
The transactions will be conducted in accordance with the Market Abuse Regulation (EU) No 596/2014, Commission Delegated Regulation (EU) 2016/1052 and Euronext Oslo Børs’ Guidelines for buyback programs and stabilization dated February 2021.
