Aqualis Acquires Offshore Wind Consultants

Aqualis ASA announced on May 19 that it signed a memorandum of understanding to acquire Offshore Wind Consultants Limited, a leading provider of consultancy services to the offshore renewables industry. Following a financial, legal and operational due diligence, Aqualis and Offshore Wind Consultants have signed the definite share purchase agreement.

The purchase price for 100 percent of the shares in Offshore Wind Consultants is GBP 125,238 in cash, plus a consideration of 2,675,056 shares in Aqualis ASA valued at a fixed price of NOK 2.75 per share. The consideration shares in Aqualis ASA are subject to a lock-up period of a minimum of three years from the date of closing of the transaction.

Furthermore, the five full time employees, including the sellers, of Offshore Wind Consultants will be given the right to acquire a total of 1,000,000 shares in Aqualis at a strike price of NOK 3.00 per share. Such options can be exercised 3 years after the completion date, at the earliest, and is subject to that the relevant employee has not terminated its employment in the company.

The acquisition of Offshore Wind Consultants offers Aqualis Offshore additional access to the offshore wind and renewables industry.

On 28 April 2014, Aqualis announced the acquisition of Tristein AS, a company that possesses valuable expertise within the renewables and offshore wind segment – as well as the oil and gas sector – on the Norwegian continental shelf.

The combination of the offshore wind consultancy team within Tristein AS and Offshore Wind Consultants will allow Aqualis Offshore to tackle larger projects and provide an even better service to its customers on both the UK and Norwegian sides of the North Sea as well as across Europe and beyond.

Upon closing of the transaction, Offshore Wind Consultants will be integrated into Aqualis Offshore UK Limited, the UK operating company of Aqualis ASA’s offshore division.