Akastor ASA: Akastor signs agreement to sell AGR AS
FORNEBU,
"Since Akastor's entry into AGR, through the combination with First Geo in 2019, the company has delivered consistent growth and profitability. The combination of
"This is a good fit for ABL Group. The acquisition gives ABL Group a strong position in well and reservoir consultancy, grows our position within digitalisation and energy transition solutions, and expands our services with a resourcing offering that is already well established in the oil and gas sector and positioned for growth within offshore wind," says
THE TRANSACTION
The transaction values AGR at
-
NOK 272.5 million to be settled through issuance of 18,166,667 ordinary ABL Group shares (the "Consideration Shares") at a subscription price ofNOK 15 per ABL Group share, representing 14.8% of outstanding shares post issue; and -
NOK 80.4 million (the "Cash Consideration"), to be settled in cash on completion or, subject to certain conditions, within 20 business days of completion.
The Cash Consideration will be adjusted for leakage and is expected to be lower on completion due to planned carve-out transactions and excess cash distribution. Certain defined assets are excluded from the transaction and will be carved-out prior to completion and retained by
As part of the completion of the transaction, the current term loans from each of
The share purchase agreement is otherwise entered into on customary terms and includes such as a 12-month lock-up on the Consideration Shares, which will apply for
Completion of the acquisition is expected on or around
Following signing of the agreement, AGR will be presented as discontinued operations for
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com
About AGR
AGR is a multi-disciplinary engineering consultancy and software provider to the energy sector. The company offers consultancy, asset evaluation, peer study, software and integrated well engineering services. In 2022, AGR delivered revenue of
For further information, please visit homepage: https://agr.com/
About
For further information, please visit homepage: https://akastor.com/
About ABL Group
ABL Group (OSE: ABL Group ASA – ticker code "ABL") offers independent energy and marine consultancy to the global renewables, maritime and oil and gas sectors. The group has offices in 38 countries worldwide. ABL Group operates under six brands: ABL, OWC, Innosea, Longitude, Add Energy and ABL Yachts.
For further information, please visit homepage: https://abl-group.com/
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