20 March 2023 - ABL Group ASA ("ABL Group") has entered into an agreement with a
subsidiary of Akastor ASA ("Akastor") to acquire 100 percent of the shares in
multi-disciplinary engineering consultancy and software company AGR AS ("AGR").
The acquisition will bolster ABL Group's offering within well and reservoir
consultancy, enhance the group's position supporting operators' digitalisation
and decarbonisation plans, and expand its opex-driven offshore energy exposure.
HIGHLIGHTS
o Accretive acquisition with strong industrial rationale.
o Consolidating well and reservoir services with globally recognised brand.
o High-end resource solutions platform positioned for growth in offshore wind.
o Additional capability and track record in CCUS and energy transition
solutions.
o Strengthens ABL Group's software and digitalisation offering with fully
commercialised platform.
o The transaction will be funded through existing cash and issuance of
consideration shares.
o Shareholders representing approximately 40% of ABL Group shares have
undertaken to support the transaction by voting in favour at the EGM.
"This is a good fit for ABL Group. The acquisition gives ABL Group a strong
position in well and reservoir consultancy, grows our position within
digitalisation and energy transition solutions, and expands our services with a
resourcing offering that is already well established in the oil and gas sector
and positioned for growth within offshore wind," says Reuben Segal, CEO of ABL
Group.
The acquisition of AGR, which has high brownfield exposure, builds on the
previous purchase of Add Energy. AGR will bring scale to ABL Group's well
services, and increases the group's exposure to the opex-driven phases of
offshore energy. It strengthens the group's suite of software products and
digitalisation capabilities, and adds competence and scale to support energy
transition technologies and projects.
AGR has a well management track record that spans more than 550 oil and gas
wells worldwide. ABL Group aims to utilise its global office network to, in a
cost-efficient manner, re-introduce AGR's unique offering and capabilities to
local operators in the key international oil and gas hubs.
In addition, the acquisition enables ABL Group to offer resourcing solutions
across oil and gas and renewables projects at a time when talent scarcity is
putting these projects and deployments at risk.
Following completion of the transaction, Add Energy will become part of AGR,
which will continue as a stand-alone business line within ABL Group.
ABOUT AGR
AGR is a leading multidisciplinary engineering consultancy and software company.
The company is the result of a merger in 2019 between AGR and First Geo
(formerly Aker Geo).
Today, AGR delivers its services through five business lines: consultancy, which
delivers energy consultancy services and personnel in Norway, UK and Australia