AqualisBraemar has entered into an agreement to acquire 100 percent of the shares in LOC Group, thereby creating a leading global independent offshore energy and marine consultancy.
  
Highlights

• Creates a leading global independent offshore energy and marine consultancy
• Increases AqualisBraemar’s renewables footprint and ramps up the companies’ commitment to the global energy transition
• LOC Group has highly complementary market positions to AqualisBraemar
• Clients will benefit from broader service offering and increased scale globally
• Estimated USD 3.5 million in annual cost synergies
• Joint group target of 50 percent of revenues from the renewables sector and other sustainability and CO2-reducing activities in 2025
• Transaction fully funded through combination of cash, bank loan and new equity

David Wells, CEO of AqualisBraemar commented,
“Our strategy is clear; we want to grow through continued expansion in the rapidly growing offshore renewables industry, and leverage on our position within shipping and oil and gas markets, to support this energy transition. LOC Group, with its strong and highly complementary footprint within the same industries, is a perfect fit for this strategy and will support our ambition of consistently returning capital to our shareholders,”

About LOC

• LOC Group, founded in 1979, is an international marine and engineering consulting firm that operates under four brand names: LOC, Innosea, Longitude and JLA (John LeBourhis).
• LOC operates in the shipping, oil and gas, and renewables sectors, providing loss prevention and loss management services, as well as marine and engineering consultancy services. Innosea is an independent engineering firm that specialises in the renewables sector. Longitude provides independent engineering and design consulting to the shipping, oil and gas and renewables sectors, while JLA delivers rig-related approval services around the globe.
• Headquartered in London, the group employs 416 people and operates worldwide in over 30 offices located in Europe, Africa, Americas, Middle East, Asia and Australia.
• LOC has generated revenues of USD 63 million in the past twelve months, with an adjusted EBITDA of USD 6.8 million. As of 30 September 2020, the group’s order backlog stood at USD 54 million. The presented LOC financials are based on unaudited management reports and converted to USD at GBP/USD 1.33. EBITDA has been adjusted for items affecting comparability including provisional IFRS16 effect.

KeyFacts Energy Industry Directory: AqualisBraemar