Aqualis ASA Buys Aqualis Offshore

Aqualis ASA  (formerly Clavis Pharma ASA) has today successfully completed the acquisition of 100% of the shares in Aqualis Offshore Ltd., a specialized offshore marine and engineering consultancy group, for NOK 70 million. The acquisition has been settled though the issue of 43.75 million shares, at an issue price of NOK 1.60 per share.

“The acquisition of Aqualis Offshore represents an exciting change in strategic direction for us. We will now consist of a new major business area of specialist marine and engineering consultancy services to the offshore oil and gas industry, in addition to our existing healthcare activities,” says Gunnar Manum, acting CEO of Aqualis ASA.

Aqualis Offshore is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Its core services includes concept, FEED and basic design engineering for upgrades and conversion of jack-ups, FPSOs and rigs, marine warranty services, transportation and installation, rig moving, dynamic positioning, construction supervision and due diligence services.

Aqualis Offshore was established in December 2012 and has since its inception rapidly developed a significant customer base including several major oil companies, rig owners and operators, vessel owners, offshore contractors, underwriters and financial institutions. The company is present in all major oil regions with offices in London, UK (headquarter); Oslo and Sandefjord, Norway; Houston, USA; Rio De Janeiro, Brazil; Singapore; Dubai, UAE; and Dammam, Saudi Arabia.

Aqualis Offshore’s strategy is to operate through a growing international network of offices, primarily focusing on developing economies and emerging markets. The company has a highly experienced management team with industry leading credentials and long standing client relations.

“Aqualis Offshore consists of offshore-experienced mariners and engineers who provide an integrated service. It means that the company can work directly for our clients on engineering or offshore projects, or operate as an independent third party on, for example, marine warranty, DP or due diligence jobs,” says David Wells, CEO of Aqualis Offshore.

Aqualis Offshore currently employs around 60 people, and in addition approximately 10 people have signed contracts to join the company. A significant increase in the number of employees is expected going forward.

The existing healthcare activities of Aqualis will remain as a separate business area within the Company (Aqualis Healthcare). The Company has a large portfolio of patents relating to its LVT-technology, as well as licensing agreements for the potential development of selected drug compounds. Aqualis will try to maximize the value of these pharmaceutical assets through further out-licensing or sale of existing patents and patent applications, as well as investigating new investment opportunities within the healthcare sector.

Following the acquisition of Aqualis Offshore the executive management team of Aqualis consists of the following persons: Gunnar Manum, Acting CEO of Aqualis ASA; Christian Opsahl, CFO; David Wells, CEO Aqualis Offshore; and Ole Henrik Eriksen, CBO Healthcare.

 

Press Release, November 08, 2013

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