OSLO: AqualisBraemar LOC ASA has entered into a definitive agreement for the acquisition of 100% of the share capital of East Point Geo Ltd.
East Point Geo is an independent geoscience consultancy providing support for major offshore and onshore engineering projects, specialising in renewables and oil and gas developments.
In the last twelve months, the company’s turnover totalled approximately GBP 1.4 million, predominantly from renewables projects. East Point Geo is headquartered in Norwich, UK, with an additional office in Oxford, UK.
“I’m very happy to announce this acquisition. East Point Geo has been a key partner to our rapidly growing renewables unit OWC across a number of offshore wind projects, and we have been continuously impressed with the quality of their delivery. Their complementary expertise enables us to offer a complete range of geoscience consultancy services to our clients, and provides additional growth opportunities particularly within renewables. Our ambition is for 50% of our revenues to come from renewables and sustainability oriented services by 2025, and East Point Geo will help us achieve that objective”, says David Wells, CEO of AqualisBraemar LOC.
“This transaction represents an exciting new chapter for East Point Geo. Since our establishment in 2016, we have quickly established ourselves as a trusted partner for some of the biggest names in the energy industry. Through AqualisBraemar LOC’s global footprint we will be able to further accelerate the growth of our business, and our joint clients will benefit from an expanded service offering”, say the founding team of East Point Geo.
The transaction values East Point Geo at an enterprise value of GBP 750,000. The purchase price will be settled with a combination of cash, sellers’ credit and up to 664,083 shares in AqualisBraemar LOC.
Settlement of the consideration shares will take place 3 to 7 years after closing of the transaction, subject inter alia to the sellers’ continued employment in AqualisBraemar LOC. The transaction is planned to close during February 2021.
AqualisBraemar LOC ASA (OSE: Aqua) offers independent adjusting, marine and offshore consultancy to the global renewables, maritime, oil and gas and power sectors. The group has offices in 39 countries worldwide. AqualisBraemar LOC ASA operates under seven brands: AqualisBraemar, LOC, OWC, Innosea, Longitude, JLA and ABL Yacht Services.