As part of the consideration under the agreement from 2020 where ABL Group ASA (the “Company”) acquired 100 percent of the shares in LOC Group, the Company issued warrants at its Extraordinary General Meeting held on 14 December 2020, giving certain funds managed by Bridgepoint Advisers II Limited the right to subscribe for new shares in the Company, subject to certain exercise conditions. In line with the exercise conditions, Bridgepoint has exercised its last 1 million warrants, so that the remaining number of warrants is zero. The 1 million new shares subscribed for at a subscription price of NOK 0.10 per share, will be submitted for registration in the Norwegian Register of Business Enterprises as soon as possible.
Oslo, Norway, 15 January 2024: Reference is made to the stock exchange release by ABL Group (“ABL Group” or the “Company”) published on 8 January 2024 regarding a share capital increase following the exercise of share options.
The issuance of 4,127,500 new shares has been registered with the Norwegian Register of Business Enterprises. Following registration, the share capital of ABL Group is NOK 12,747,786.70 divided into 127,477,867 shares, each share having a par value of NOK 0.1.
Oslo, Norway, 8 January 2024: Reference is made to the stock exchange notice issued by ABL Group ASA (“ABL Group” or the “Company”) on 8 January 2024 regarding exercise of employee share options as part of the Company’s long-term incentive plan (“LTIP”).
Pursuant to the sales process conducted by a third party these primary insiders have sold the following number of shares:
RV Ahilan, Chief Energy Transition Officer, net sold 10,000 shares at a price of NOK 12.00 per share. Following the transaction, Ahilan will own 887,705 shares and 100,000 share options in the Company.
The following primary insiders have purchased shares:
Stuart Jackson, Chief Financial Officer, purchased 65,000 shares at a price of NOK 12.00 per share. Following the transaction, Jackson will own 65,000 shares in the Company.
Eiketangen AS, a related party of Synne Syrrist, board member of ABL Group, purchased 20,000 shares at a price of NOK 12.00 per share. Following the transaction, Syrrist and her close associates will own 20,000 shares in the Company.
Further details of the primary insider transactions pursuant to the market abuse regulation article 19 are attached.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Oslo, Norway, 8 January 2024: Reference is made to the stock exchange notice issued by ABL Group ASA (“ABL Group” or the “Company”) on 14 December 2023 regarding vesting of employee share options as part of the Company’s long-term incentive plan (“LTIP”).
Participants in ABL Group’s share option program have on 8 January 2024 exercised a total of 4,127,500 options distributed as follows:
180,000 options issued as part of the LTIP 2019 program at an exercise price of NOK 3.09; and
3,947,500 options issued as part of the LTIP 2020 program at an exercise price of NOK 5.26.
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 as well as the notice to the Annual General Meeting 2023.
Following the exercise, the Board of Directors, pursuant to authorisation granted at the Company’s Annual General Meeting, has decided to increase the Company’s share capital by NOK 412,750.00 by issuing 4,127,500 new shares, of par value NOK 0.1. Subsequent to the transaction and the registration of the new shares in the Norwegian Register of Business Enterprises, ABL Group’s share capital will be NOK 12,747,786.70 divided into 127,477,867 shares, each share having a par value of NOK 0.1 and carrying one vote in the Company’s general meeting.
The following options are exercised by primary insiders:
135,000 options are exercised by David Wells, board member. Following the transaction, Wells and his close associates will own 1,208,051 shares in the Company.
135,000 options are exercised by Svein Staalen, General Counsel. Following the transaction, Staalen will own 337,864 shares in the Company.
100,000 options are exercised by Will Cleverly, CEO of OWC. Following the transaction, Cleverly will own 278,931 shares in the Company.
160,000 options are exercised by RV Ahilan, Chief Energy Transition Officer. Following the transaction, Ahilan will own 897,705 shares and 100,000 share options in the Company.
Ahilan and certain other option holders have transferred their rights to receive shares resulting from the exercised options to a third party. Following a sale of shares, these option holders will receive the net proceeds after deduction of the exercise price and accrued tax. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party in the market. The results of the sales process for Ahilan will be announced in a separate stock exchange notice when known.
Primary insider notifications pursuant to the market abuse regulation article 19 are attached.
A total of 5,047,500 vested options were not exercised and will be extended by 1 year. After the exercise, the following employee share options remain outstanding:
450,000 vested share options expiring 11 March 2025, with exercise price NOK 3.09;
4,597,500 vested share options expiring 14 September 2025, with exercise price NOK 5.26; and
848,000 share options, vesting 11 July 2025 and expiring 11 April 2026, with exercise price NOK 12.03.
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.
For questions regarding the webcast solution please contact events@arctic.com.
The earnings release concerning the quarterly results and a corresponding slide presentation will be posted on our Reports and Presentations page.
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