FRØYA, NORWAY: Frøy ASA has entered into an agreement to acquire 100% of the shares of Marinus Aquaservice AS at a total enterprise value of NOK 101 million.

The acquisition is conditional upon certain customary conditions and closing is expected to take place in the first quarter of 2023.

The acquisition of Marinus strengthens Frøy´s position in the southwest of Norway, a region where Frøy has limited foothold today.

Marinus operates three modern and well-maintained vessels and has a particular strong position within ROV services, a fast-growing subsegment of the aqua service industry.

CEO of Frøy, Tonje Foss comments; Marinus has over the latest 15 years built up a strong position in the southwest of Norway. The team has a strong reputation with a proven track record of delivering high quality solutions to its clients and of delivering strong financial results. We are eager to welcome the Marinus team into Frøy and look forward to rolling out the full width of Frøy´s services in the southwestern part of Norway going forward.

CEO and owner of Marinus, Dave Ole Eidet comments; We look forward to strengthening our offering to our long-term clients and to continue developing our base at Bømlo as a part of Frøy.

The company was founded by Dave Ole Eide in 2008. Today Marinus owns and operates three service vessels from its base at Bømlo.

The company offers a wide range of aqua service operations, such as towing, mooring, bolt drilling, inspection and maintenance with ROVs. In 2021 Marinus reported EBITDA of NOK 15m and a net profit of NOK 5 million. As of December 2022, Marinus had a backlog, including options of approx. NOK 135 million.

Grieg Shipbrokers acted as financial advisor for the seller.