The deal is expected to create a major global independent offshore energy and marine consultancy company
AqualisBraemar has agreed to acquire LOC Group, a marine and engineering consulting firm, to expand its presence in the offshore renewables industry.
Established in 1979, LOC Group operates under four brand names that include LOC, Innosea, Longitude and JLA (John LeBourhis).
The London-headquartered group employs 416 people and has more than 30 offices that are located in Europe, Africa, Americas, Middle East, Asia and Australia.
For the shipping, oil and gas, and renewables sectors, the company offers loss prevention and loss management services, as well as marine and engineering consultancy services.
In the renewables sector, the company provides services through an independent engineering firm Innosea.
AqualisBraemar CEO David Wells said: “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.”
Combined entity to have presence in 39 countries
The Oslo-listed group AqualisBraemar offers consultancy services to the offshore energy industries, including renewables and oil and gas, as well as shipping and insurance industries.
The company operates under three brand names that include AqualisBraemar, AqualisBraemar Yacht Services, and offshore wind consulting firm OWC.
The combination of AqualisBraemar and LOC Group is to create a global independent offshore energy and marine consultancy company with about 880 employees in 85 offices in 39 countries across the world.
The transaction is expected to be concluded on or around 21 December this year.
In August this year, AqualisBraemar was awarded a contract by OuYang Offshore to oversee the construction of two newbuild wind turbine installation vessels.