Finance News

ABL Group Completes Acquisition of Ross Offshore

Reference is made to the stock exchange announcement dated May 15, 2024, regarding the planned acquisition of 100 percent of the shares of specialist energy consultancy Ross Offshore. ABL Group has today successfully completed the transaction.

Ross Offshore will now merge with ABL Group company AGR, thereby expanding and further strengthening the group’s service offering in wells, reservoirs, and marine & survey management.

Reuben Segal, CEO of ABL Group, said: “We are glad to welcome everyone in Ross Offshore to the ABL Group family and we will be working in the coming months on bringing them under the AGR brand. As a result of becoming one team with AGR, the Ross Offshore and AGR united team has more than 500 knowledge heavy professionals working on behalf of the client base. Ross Offshore also brings new locations to our Group presence in Norway—Bergen and Sandefjord in addition to our offices in Stavanger, Oslo and Tromsø.”

The transaction to acquire 100 percent of the shares in Ross Offshore has been settled in cash, utilizing ABL Group’s existing cash holdings and undrawn credit facilities. The transaction values Ross Offshore at NOK 100 million (equivalent to USD 9.3 million at current FX rates) on a cash and debt free basis, based on locked box accounts as of 31 December 2023.

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