AqualisBraemar acquires LOC Group
AqualisBraemar has acquired 100 per cent of the shares in LOC Group with the purchase price consideration of USD 20.2 million (around EUR 16.5 million) cash consideration plus two million conditional warrants in AqualisBraemar.
As reported in November, when the acquisition was announced, LOC Group’s CEO Dr R. V. Ahilan will continue in the joint company in a newly created role as chief energy transition officer and will also join the combined group’s executive management team. The group will become a global independent offshore energy and marine consultancy firm with a total of 880 employees in 85 offices in 39 countries.
The two companies will continue trading separately until the latter part of April 2021.
“We effectively double the size of our group, which will benefit our customers through greater capacity, improved geographical footprint and a much more complete skills base. With both companies having similar profiles, it also allows us to maintain our stated ambitious growth targets in support of the global energy transition”, said David Wells, CEO at AqualisBraemar.
The now combined group operates in the renewables industry through offshore wind consulting firm OWC, marine engineering company AqualisBraemar, independent engineering firm Innosea, renewables marine warranty surveying player LOC, and renewables engineering services provider Longitude.
Only this year, LOC Group won multiple offshore wind contracts and several of them have been secured on projects in Asia.
In addition to offshore wind, the newly combined group also provides services within wave, tidal and floating solar industries, according to AqualisBraemar.
Along with expansion in the offshore renewable energy sector, the group’s strategy includes plans to leverage on its position within shipping and oil and gas markets to support the global energy transition.
“Our objective is that 50 percent of our revenues should come from the renewables sector and other sustainability and CO2-reducing activities in 2025. Reducing the carbon intensity of the offshore oil and gas and shipping industries are also key to achieving the energy transition the world requires. We will continue to support all these industries to help make this energy transition happen”, David Wells said.