AqualisBraemar to acquire LOC Group
AqualisBraemar has entered into an agreement to acquire 100% of the shares in LOC Group, thereby creating a leading global independent offshore energy and marine consultancy. LOC Group, founded in 1979, is an international marine and engineering consulting firm that operates under four brand names: LOC, Innosea, Longitude and JLA (John LeBourhis).
“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”, says David Wells, CEO of AqualisBraemar.
LOC operates in the shipping, oil & gas, and renewables sectors, providing loss prevention and loss management services, as well as marine and engineering consultancy services. Innosea is an independent engineering firm that specialises in the renewables sector. Longitude provides independent engineering and design consulting to the shipping, oil and gas and renewables sectors, while JLA delivers rig-related approval services around the globe. Headquartered in London, the group employs 416 people and operates worldwide in over 30 offices located in Europe, Africa, Americas, Middle East, Asia and Australia. “The consulting space within marine and offshore energy – including renewables and oil & 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”, Dr R.V. Ahilan, CEO of LOC Group, states.
Following completion of the acquisition, the combined group will be a global independent offshore energy and marine consultancy firm. It will have a total of 880 employees in 85 offices in 39 countries all over the world. Today, AqualisBraemar has 465 employees, including subcontractors on a 100% utilisation basis. “Our complementary geographical footprint reiterates how this acquisition will allow us to provide clients with even better local expertise and swifter response times regardless of where in the world they are”, adds Mr Wells. “We are combining two well-run businesses to create an even more complete service provider. You would have to look very, very hard to find a better strategic fit than AqualisBraemar and LOC Group. This is a big reason why key managers have decided to continue with the combined group”, concludes Mr Wells.