17 June 2024 - Reference is made to the stock exchange announcement dated 15 May
2024 regarding the planned acquisition of 100 percent of the shares of
specialist energy consultancy Ross Offshore. ABL Group has today successfully
completed the transaction.
Ross Offshore will now merge with ABL Group company AGR, thereby expanding and
further strengthening the group's service offering in wells, reservoirs, and
marine & survey management.
Reuben Segal, CEO of ABL Group comments on the closing, "We are glad to welcome
everyone in Ross Offshore to the ABL Group family and will be working in the
coming months on bringing them under the AGR brand.
"As a result of becoming one team with AGR, the Ross Offshore and AGR united
team has more than 500 knowledge heavy professionals working on behalf of the
client base. Ross Offshore also brings new locations to our Group presence in
Norway - Bergen and Sandefjord in addition to our offices in Stavanger, Oslo,
and Tromsø."
The transaction to acquire 100 percent of the shares in Ross Offshore has been
settled in cash, utilising ABL Group's existing cash holdings and undrawn credit
facilities. The transaction values Ross Offshore at NOK 100 million (equivalent
to USD 9.3 million at current FX rates) on a cash and debt free basis, based on
locked box accounts as of 31 December 2023.
(ENDS)
For further information, please contact:
Investors and financial media:
Stuart Jackson, Chief Financial Officer, ABL Group ASA
Email: stuart.jackson@abl-group.com
Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
About ABL Group
ABL Group (OSE: ABL Group ASA - ticker code "ABL") is a leading independent
global consultancy delivering energy, marine, engineering and digital solutions
to drive safety and sustainability in renewables, maritime and oil and gas
sectors. The group has offices in 42 countries worldwide and operates under four
brands: ABL, OWC, Longitude and AGR.