Aqualis buying offshore, marine business from Braemar

Aqualis, a parent company of offshore marine and engineering consultancy Aqualis Offshore, has agreed to acquire the Offshore, Adjusting and Marine business lines from Braemar Shipping Services Plc.

In a statement on Monday, Aqualis said the combined company, to be named AqualisBraemar, would be “a leading offshore, adjusting, marine and renewables consultancy with a broadened service offering across all major basins.”

“Through this transaction, existing and potential clients of Aqualis Offshore and Braemar Technical Services will be able to benefit from gaining access to new capabilities and broader suite of services on offer as well as increased manpower and geographical footprint to enable even quicker and more cost-efficient operational support at or in close proximity to our clients’ offices and assets,” says David Wells, CEO of Aqualis Offshore and Oslo-listed energy consultancy group Aqualis ASA.

Aqualis Offshore is an offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry, dealing with engineering services, rig moves, and complex offshore transportation. Braemar Technical Services also provides services offering within the offshore oil and gas segment, leading within engineering services and rig moves.

Aqualis said that within offshore oil and gas, the two companies are highly complementary in terms of geographical footprint, “given Aqualis’ leading position in the Middle East, Braemar’s leading position in Asia Pacific, as well as both companies’ strong presence in Europe and North America.”

The company’s head office will be located in London, UK. David Wells will continue as CEO of the group.

“By joining forces, we create a more sustainable business with strong platform for international growth. We will be better able to support our clients’ growth by offering our joint and enhanced leading expertise. With our larger scale, more resources and our engaged and talented people, we will improve our ability to meet our clients’ needs globally,” David Wells said.

As part of the agreement, Braemar will become the largest shareholder in the enlarged group, initially holding 26% of the Enlarged Aqualis Share Capital, and will also receive performance-based warrants to potentially take its holding to up to 33% of the Diluted Aqualis Share Capital.

The combination is subject to approval by Aqualis shareholders.  This approval will be sought at a General Meeting to be held on or around June 11, 2019. The completion of the Combination is expected to take place in June 2019.

Braemar plans to appoint one member to the Board of AqualisBraemar, which is to be James Kidwell, Chief Executive Officer of Braemar. Braemar said the disposal of the three lines of business would enable it to focus on its core, profitable activities of Shipbroking, Financial Advisory, and Logistics.


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Share this article

Follow Offshore Energy Today

Posted on May 13, 2019

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply