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LOC GROUP TO BE ACQUIRED BY AQUALISBRAEMAR

Monday, November 23, 2020 

Norwegian-headquartered international marine and offshore consultancy AqualisBraemar has entered into an agreement to acquire 100% of the shares in LOC Group, creating a complete service provider to the oil and gas industry.

David Wells, CEO of AqualisBraemar, said: “Our strategy is clear; we want to leverage on our position within oil and gas markets to support the global energy transition. LOC Group, with its strong and highly complementary footprint within the same industries, is a perfect fit for this strategy.”

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). It provides loss prevention and loss management services as well as marine and engineering consultancy services. Longitude provides independent engineering and design consulting to the oil and gas sector, while JLA delivers rig-related approval services around the globe.

“The consulting space within offshore energy – including oil and gas and renewables – 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,” said Dr R V Ahilan, CEO of LOC Group.

Following completion of the acquisition, the combined group will have a total of 880 employees in 85 offices in 39 countries all over the world.

“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 key reason for why key managers have decided to continue with the combined group,” said Wells.

Ahilan added: “Our objective is that 50% of our revenues should come from the renewables sector and other sustainability and CO2-reducing activities in 2025. However, reducing the carbon intensity of the offshore oil and gas and shipping industries are also key to achieving the energy transition the world so desperately needs. We will continue to support all these industries to help make this energy transition happen.”

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