ABL Group has entered into an agreement with a subsidiary of Akastor to acquire 100 percent of the shares in multi-disciplinary engineering consultancy and software company AGR. The acquisition will bolster ABL Group’s offering within well and reservoir consultancy, enhance the group’s position supporting operators’ digitalisation and decarbonisation plans, and expand its opex-driven offshore energy exposure.
HIGHLIGHTS
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Accretive acquisition with strong industrial rationale.
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Consolidating well and reservoir services with globally recognised brand.
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High-end resource solutions platform positioned for growth in offshore wind.
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Additional capability and track record in CCUS and energy transition solutions.
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Strengthens ABL Group’s software and digitalisation offering with fully commercialised platform.
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The transaction will be funded through existing cash and issuance of consideration shares.
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Shareholders representing approximately 40% of ABL Group shares have undertaken to support the transaction by voting in favour at the EGM.
'This is a good fit for ABL Group. The acquisition gives ABL Group a strong position in well and reservoir consultancy, grows our position within digitalisation and energy transition solutions, and expands our services with a resourcing offering that is already well established in the oil and gas sector and positioned for growth within offshore wind,' said Reuben Segal, CEO of ABL Group.
The acquisition of AGR, which has high brownfield exposure, builds on the previous purchase of Add Energy. AGR will bring scale to ABL Group’s well services, and increases the group’s exposure to the opex-driven phases of offshore energy. It strengthens the group’s suite of software products and digitalisation capabilities, and adds competence and scale to support energy transition technologies and projects.
AGR has a well management track record that spans more than 550 oil and gas wells worldwide. ABL Group aims to utilise its global office network to, in a cost-efficient manner, re-introduce AGR’s unique offering and capabilities to local operators in the key international oil and gas hubs.
In addition, the acquisition enables ABL Group to offer resourcing solutions across oil and gas and renewables projects at a time when talent scarcity is putting these projects and deployments at risk.
Following completion of the transaction, Add Energy will become part of AGR, which will continue as a stand-alone business line within ABL Group.
Source: ABL
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