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AqualisBraemar to acquire LOC Group for $20m

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Technical consultancy AqualisBraemar has inked an agreement to acquire 100% stake in rival LOC Group to create a leading global independent offshore energy and marine consultancy.

Oslo-listed AqualisBraemar, spun off by shipbroker Braemar, revealed that the purchase price is $20.2m in net cash.

“Our objective is that 50% of our revenues should come from the renewables sector and other sustainability and CO2-reducing activities in 2025. However, reducing the carbon intensity of the offshore oil and gas and shipping industries are also key to achieving the energy transition the world so desperately needs. We will continue to support all these industries to help make this energy transition happen,” said Dr R. V. Ahilan, LOC Group’s ceo, who will continue in the joint company as a newly created role as chief energy transition officer.

“The consulting space within marine and offshore energy – including renewables and oil and gas – is ripe for consolidation. Our customers’ needs are rapidly evolving, with many branching out into new energy sources, and we believe our joint increased scale and wider global footprint will help us cater for those requirements,” Dr Ahilan added.

Following completion of the acquisition, the combined group will have a total of 880 employees in 85 offices in 39 countries all over the world.

David Wells, ceo of AqualisBraemar, commented: “Our strategy is clear; we want to grow through continued expansion in the rapidly growing offshore renewables industry, and leverage on our position within shipping and oil and gas markets, to support this energy transition. LOC Group, with its strong and highly complementary footprint within the same industries, is a perfect fit for this strategy and will support our ambition of consistently returning capital to our shareholders.”

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