Posted on: 22 April 2021
Following the completion of AqualisBraemar’s acquisition of LOC Group in December 2020, the two groups have successfully finalised their integration process ahead of the original schedule, operating as AqualisBraemar LOC group effective from today.
The two companies have thereby created a leading global independent offshore energy and marine consultancy. In total, AqualisBraemar LOC has over 800 technical staff and specialist consultants in 303 locations worldwide, including 60 offices across 38 countries.
“For our clients in the energy and marine sectors – including renewables and oil and gas – this successful integration means one plus one equals three. We are now able to offer clients a much wider and more efficient service offering through a broader competence base and increased capacity worldwide,” says David Wells, CEO of AqualisBraemar LOC.
Together, the companies have identified an estimated USD 3.5 million in annual cost synergies. This includes facility redundancy, utilisation improvement, capital efficiency and SG&A optimisation.
AqualisBraemar LOC maintains its ambition that 50 per cent of the group’s revenues should still come from the renewables sector and other sustainability and CO2-reducing activities in 2025.
By joining the fast-growing specialist renewable entities of AqualisBraemar’s offshore wind consultancy firm OWC and LOC Group’s Innosea and other renewable focused units such as Longitude and recently acquired East Point Geo, the combined group will double its capacity within renewables.
The group’s strategy is to grow through continued expansion in the rapidly growing offshore renewables industry, and leverage on its leading position within shipping and oil and gas markets, to support the global energy transition.
“The enlarged organisation brings together a highly comprehensive pool of expertise across marine and engineering disciplines, including new capabilities in growth technology areas to support energy transition initiatives across the offshore and marine landscape. We are well-positioned to continue as a leading adviser to the renewable industries and advise, support and help de-risk projects as clients in other industries look to transition to more sustainable practices,” says David Wells.