Aqualis buys offshore, marine business from Braemar
- Business & Finance
Aqualis ASA, the parent of marine and offshore engineering consultancy Aqualis Offshore, has said it has successfully fulfilled all conditions related to its agreement to acquire the Offshore, Adjusting and Marine consultancy business from Braemar Shipping Services Plc. The enlarged company will be named AqualisBraemar.
“Through this transaction, clients of the now renamed AqualisBraemar will benefit from access to new capabilities, broader suite of services, a bigger workforce and increased geographical footprint to enable even quicker operational support at or in close proximity to their offices and assets,” Aqualis said on Friday.
Aqualis Offshore is an offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry, dealing with engineering services, rig moves, and complex offshore transportation. Braemar Technical Services also provides services offering within the offshore oil and gas segment, leading within engineering services and rig moves.
Announcing the proposed transaction in May, Aqualis said that within offshore oil and gas, the two companies are highly complementary in terms of geographical footprint, “given Aqualis’ leading position in the Middle East, Braemar’s leading position in Asia Pacific, as well as both companies’ strong presence in Europe and North America.”
The company’s head office will be located in London, UK.
David Wells, CEO of AqualisBraemar offshore, adjusting, marine, and renewables consultancy group said: “I have looked forward to this day. Combining our companies gives us greater critical mass within the energy, insurance and shipping markets and means we will be much better positioned going forward. With our larger scale, increased resources and our talented people, our ability to meet our clients’ needs is vastly improved. Our ambition is to meet the increasing expectations of our industry globally and to be recognized as the ’go to’ consultant of the energy, marine and insurance markets. The work for ensuring a successful integration begins now”, says
AqualisBraemar is now represented with 48 offices in 33 countries, with more than 430 full-time equivalent employees globally and a physical presence on all five continents.
“We are looking forward to welcoming our highly skilled new colleagues. Together we will work for a fast and smooth integration of people, cultures, services and innovative work”, said COO Reuben Segal.
Following the completion of the transaction, Braemar will be the largest shareholder in AqualisBraemar with an initial shareholding of approximately 26%, potentially increasing to 33% depending on business performance.
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