AQUALISBRAEMAR has agreed to acquire 100% of the shares in LOC Group, with a view to creating a complete service provider to the global shipping industry.
“Our strategy is clear, we want to leverage on our position within the shipping industry to support the global energy transition,” said AqualisBraemar CEO David Wells.
“LOC Group, with its strong and highly complementary footprint within the same industries, is a perfect fit for this strategy.”
AqualisBraemar is an Oslo-listed group that offers consultancy services to the offshore energy sector.
It operates in the shipping industry via AqualisBraemar and AqualisBraemar Yacht Services.
LOC Group was founded in 1979 and is an international marine and engineering consulting firm that operates under four brand names: LOC, Innosea, Longitude and JLA (John LeBourhis).
LOC operates in the shipping industry, providing loss prevention and loss management services, as well as marine and engineering consultancy services, while Longitude provides engineering and design consulting to the shipping industry.
“The consulting space within the shipping industry is ripe for consolidation. Our customers’ needs are rapidly evolving and we believe our joint increased scale and wider global footprint will help us cater for those requirements,” said Dr R. V. Ahilan, LOC Group chief executive.
The combined group is to have a total of 880 employees in 85 offices in 39 countries all over the world. “Our complementary geographical footprint reiterates how this acquisition will allow us to provide clients in the shipping industry with even better local expertise and swifter response times regardless of where in the world they are,” Mr Wells said.