AqualisBraemar has completed the acquisition of its shareholding in marine consultancy LOC Group.
AqualisBraemar has acquired 100% of the shares in Neptune Midco 1 Limited from parent company LOC Group Holdings, the shareholders of which include pan-European investment group Bridgepoint and some employees of LOC.
AqualisBraemer CEO David Wells (pictured) said: “We effectively double the size of our group, which will benefit our customers through greater capacity, improved geographical footprint and a much more complete skills base.
The purchase price consideration was a $20.2m cash consideration plus two million conditional warrants in AqualisBraemar.
The combined group operates in the renewables industry through offshore wind consulting outfit OWC, marine engineering company AqualisBraemar, independent engineering company Innosea, renewables marine warranty surveying player LOC, and renewables engineering services provider Longitude.
In addition to a wide range of offshore wind capabilities, the group also features specialist competence within wave, tidal and floating solar.
“With both companies having similar profiles, it also allows us to maintain our stated ambitious growth targets in support of the global energy transition,” Wells added.
Wells said: “Our objective is that 50% of our revenues should come from the renewables sector and other sustainability and CO2-reducing activities by 2025.
“Reducing the carbon intensity of the offshore oil and gas and shipping industries are also key to achieving the energy transition the world requires.
“We will continue to support all these industries to help make this energy transition happen.”
AqualisBraemar and LOC Group will be trading separately until the latter part of April 2021.