ENERGY sector consultancy firm AqualisBraemar has completed the deal to buy LOC Group for £15 million.
The combined group operates in the renewables industry through offshore wind consulting firm OWC, marine engineering company AqualisBraemar, independent engineering firm Innosea, renewables marine warranty surveying player LOC, and renewables engineering services provider Longitude.
In addition to a wide range of offshore wind capabilities, the group also features specialist competence within wave, tidal and floating solar.
LOC, founded in 1979, is an international marine and engineering consulting firm whose shareholders include pan-European investment group Bridgepoint and “key employees”.
Both companies are headquartered in London but have offices in the North-east.
AqualisBraemar has a base on Albert Street, Aberdeen, while LOC has about a dozen employees at an office in Westhill, Aberdeenshire.
David Wells, AqualisBraemar chief executive officer, said: “This is a great day for both AqualisBraemar and our clients in the renewables sector.
“We effectively double the size of our group, which will benefit our customers through greater capacity, improved geographical footprint and a much more complete skills base.
“With both companies having similar profiles, it also allows us to maintain our stated ambitious growth targets in support of the global energy transition.”
By joining the specialist renewable entities of AqualisBraemar’s offshore wind consultancy firm OWC and LOC Group’s Innosea and other renewable focused units, the combined group will double its size within renewables.
The group’s strategy is to grow through continued expansion in the rapidly growing offshore renewables industry, and leverage on its position within shipping and oil and gas markets, to support the global energy transition.
“Our objective is that 50 percent of our revenues should come from the renewables sector and other sustainability and CO2-reducing activities in 2025.
“Reducing the carbon intensity of the offshore oil and gas and shipping industries are also key to achieving the energy transition the world requires. We will continue to support all these industries to help make this energy transition happen” continued Mr Wells.
AqualisBraemar and LOC Group will be trading separately until the latter part of April 2021.
