ABL Group ASA: Closing of Proper Marine Acquisition

Source: www.gulfoilandgas.com 1/13/2025, Location: South America

Reference is made to the stock exchange announcement dated 5 December 2024 regarding ABL Group entering into an agreement to acquire 100 percent of the shares in Brazil-based naval architecture and engineering consultancy, Proper Marine. ABL Group has successfully completed the transaction.

The acquisition expands ABL Group’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations. It strengthens ABL Group’s offering in both Brazil and the wider Americas within vessel design and conversion, asset integrity management and life extension, and marine and energy operations engineering.

In addition, Proper Marine brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the group’s overall capabilities in this segment.

Proper Marine will now merge with ABL Group’s design house, Longitude. Proper Marine brings a team of 90+ professionals and a track-record of more than 1,600 projects to Longitude.

“We are delighted to officially welcome Proper Marine as part of ABL Group. In merging Proper Marine with Longitude, we are significantly growing our design and engineering capacity to support larger and more projects across marine and offshore energy sectors internationally.” Reuben Segal, CEO of ABL Group ASA

Proper Marine is valued at an enterprise value of USD 4.0 million in the transaction. The purchase price will be settled with a combination of cash and up to 2,302,494 shares in ABL Group. The cash portion has been settled on closing, while settlement of the consideration shares will take place through annual instalments over five years from 5 December 2024, subject inter alia to the sellers’ continued employment in ABL Group.


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