Aqualis to Acquire Offshore Renewables Consultants
Aqualis ASA has signed a memorandum of understanding to acquire Offshore Wind Consultants Limited, a provider of consultancy services to the offshore renewables industry.
“The acquisition of Offshore Wind Consultants offers Aqualis Offshore access to the offshore wind and renewables industry. In addition the combination of Aqualis Offshore and Offshore Wind Consultants will be able to deliver enhanced services to our clients by sharing expertise and resources, particularly where engineering and offshore attendances are required,” says David Wells, CEO of Aqualis Offshore.
Offshore Wind Consultants, based in London, England, currently engage nine staff, of which five are full-time employees. In 2013, Offshore Wind Consultants had revenues of over £780,000. The company has a number of long-term contracts with a strong pipeline of secured work throughout Europe for the remainder of 2014 and beyond.
“Aqualis Offshore’s worldwide network will enable Offshore Wind Consultants to expand our services into the global renewables market while capitalising on the companies’ shared competencies,” says Ian Bonnon, Managing Director of Offshore Wind Consultants.
Aqualis Offshore is a specialized offshore marine and engineering consultancy firm that employs more than 125 people. Since trading started in 2013, Aqualis Offshore has established 13 offices in nine countries throughout the world’s key oil and gas regions. Aqualis ASA recently completed the acquisition of Tristein AS, a leading provider of marine operations for the offshore oil, gas and wind industries.
The financial details of the transaction are undisclosed. The majority of the final purchase consideration is expected to be settled in issued Aqualis ASA shares, subject to an extensive lock-up period. The proposed acquisition is subject to satisfactory financial, legal and operational due diligence, the signing of a definite share purchase agreement and final approval by the board of directors of Aqualis ASA.
The transaction is expected to be closed by the end of the second quarter of 2014.