Norwegian marine engineering consultancy AqualisBraemar has entered into an agreement to acquire London-based counterpart LOC Group.
Following completion of the acquisition, the combined group will be a major global independent offshore energy and marine consultancy firm with 85 offices in 39 countries.
LOC Group’s CEO Dr R. V. Ahilan will continue in the joint company in a newly created role as chief energy transition officer, supporting the group’s ambition of 50% of revenues coming from renewables and other sustainability and CO2-reducing activities by 2025.
By joining the renewable entities of AqualisBraemar’s offshore wind consultancy firm OWC and LOC Group’s Innosea and other renewable focused units, the combined group will double its size within renewables.
“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,” said David Wells, CEO of AqualisBraemar.
“The consulting space within marine and offshore energy – including renewables and oil and gas – is ripe for consolidation. Our customers’ needs are rapidly evolving, with many branching out into new energy sources, and we believe our joint increased scale and wider global footprint will help us cater for those requirements,” added Ahilan, CEO of LOC Group.
The deal is expected to be completed before the end of the year.