Braemar Shipping Services Plc, a leading international provider of shipbroking, financial advisory and logistics services principally to the shipping and energy industries is pleased to announce that AqualisBraemar ASA (AQB) is to acquire LOC Group. Braemar has a shareholding of approximately 27% in AQB and it is an associate company of Braemar.
AQB announced the proposed transaction to the Oslo Borse earlier today and the detail can be found on AQB’s website (aqualisbraemar.com). The combination of the two businesses will create ‘a leading global independent offshore energy and marine consultancy’ and ‘increases AqualisBraemar’s renewables footprint and ramps up the Company’s commitment to the global energy transition’. The transaction will be funded by a mixture of debt and new equity. AQB believes that the acquisition is consistent with its ambition of ‘consistently returning capital to shareholders’.
Braemar believes this expansion will help generate further momentum for AQB, building on the strong progress stated in its Q3-2020 results, and has therefore shown its support and given the AQB Board undertakings to vote in favour of the transaction.
Following the acquisition, Braemar is expected to hold approximately 21% of the revised share capital in the enlarged group.
