Please refer to the stock exchange announcement dated 12 February 2025 for further details about Techconsult and the transaction.

Techconsult will now join ABL Group’s energy and software consultancy branch AGR and merge with its existing resource consultancy.

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“This partnership brings together a joint commitment to accelerating the energy transition through innovation, collaboration and impactful engagement.”

Kim Stephen, Regional Director for the EIC in the UK

Through this partnership, ABL Group will play a key role in the EIC UK’s event series for 2025, bringing its energy, marine, engineering and advisory expertise to discussions on safety, sustainability, and technology across renewables, maritime, and oil & gas.

Our participation will include event collaborations, principal partnership to the EIC’s North Sea Decarbonisation Conference, and support for the EIC’s annual National Awards Dinner in London.

As well as collaboration on the North Sea Decarbonisation Conference, 23-24 April, as part of the partnership, the Group will co-host and curate with the EIC an exclusive technical event in the UK, focussed on sustainable development in marine and offshore energy segments. Stay tuned for more details to follow!

“Our commitment to the development of key energy transition technologies across energy and oceans lies at the very heart of ABL Group’s purpose. We look forward to contributing to discussions on the next steps needed in marine and energy markets, to help achieve global climate goals.”

RV Ahilan, Chief Energy Transition Officer, ABL Group

ABL Group companies – ABL, AGR, OWC and Longitude – each contribute multidisciplined expertise in renewables, maritime and oil & gas sectors, to provide proven capabilities in the following key decarbonisation areas:

• Renewable energy
• Electrification
• Hydrogen and power to x
• Battery energy storage systems (BESS)
• Emissions’ consulting
• Clean shipping
• Carbon capture, utilisation and storage (CCUS) and geothermal
• Climate change risk assessment and adaptation

Discover ABL Group’s expertise and track-record in energy transition:

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ABL Group has entered into an agreement to acquire 100 percent of the shares of Norway-based engineering and technical staffing consultancy Techconsult.

Upon completion of the transaction, Techconsult will merge with AGR’s existing resourcing business unit, thereby creating one of the largest technical resourcing providers in Norway and the North Sea.

The joint business includes specialist competence to support the oil and gas, maritime and renewable energy industries, including the digitalisation of its operations.

“Both companies’ vision is to be a preferred technical staffing and recruitment provider, and we recognise that together we can create a stronger base to support more clients and expand into new areas. The acquisition also creates wider opportunities for professional development for our consultants and colleagues, including international prospects. I am excited about this next chapter for AGR Consultancy and Techconsult as a joint powerhouse in technical and engineering resourcing.”

Thomas Veseth Saue, General Manager for AGR Consultancy Europe

ABOUT TECHCONSULT

Techconsult was founded in 1999 and is today established with offices in Bergen, Oslo and Stavanger in Norway. The company consists of more than 200 consultants. It also offers clients access to a database of approximately 14,000 technical and engineering professionals.

With its roots in resourcing for the oil and gas industry, Techconsult has successfully diversified into renewable energy, environmental and infrastructure projects, as well as resourcing in computer and IT disciplines, shipbuilding and mechanical industries, plus the process and construction industries.

“With innovation at our core, we have continually developed our offering to support the growing energy transition and renewables sector, with a third of our business in this space, whilst maintaining our strong commitment as a go-to provider for the oil and gas market. Joining AGR Consultancy is the natural next step in Techconsult’s strategy. It represents a synergy of two teams with a shared vision, unlocking opportunity on both sides to continue what we are doing, but with an even stronger platform to deliver to more clients and to develop further together.”

Ronny Meyer, Founder and CEO of Techconsult

STRATEGIC RATIONALE

The acquisition will diversify both companies’ client bases, combining AGR’s strong position with operators with Techconsult’s portfolio that is more driven towards service and engineering companies.

In total, the combined company will more than double the shared database of technical professionals – 26,000 in total – creating a stronger platform to support more clients and in more geographical markets and industry segments.

Additionally, the deal will diversify the markets which AGR serves, whilst also enhancing Techconsult’s potential growth in the renewable energy and offshore wind sector, where it can leverage the wider ABL Group’s extensive project and client network. Further, it will create a consolidated platform to support emerging technical segments like digitalisation, electrification, power and automation industries, among others.

Ronny Meyer will continue to lead the Techconsult recruitment support team following the completion of the merger.

“Availability of top technical competence is key to realising the energy industry’s ambitions. When we acquired AGR, we obtained a reputable competence provider that has a leading position in the energy industry. This strategic acquisition now not only reinforces ABL Group’s robust presence in Norway, but also underscores our commitment to delivering innovative staffing solutions across all our segments.”

Reuben Segal, CEO of ABL Group ASA, parent company to AGR

AGR Consultancy Europe also includes the resourcing expertise and personnel database from Ross Offshore’s consultancy business, integrated into AGR through a previous acquisition.

The transaction, which is subject to approval by the Norwegian competition authority, is expected to be completed in Q2 this year.

Discover in full AGR’s technical and engineering staffing solutions, and find out more about Techconsult:

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ABL Group has entered into an agreement to acquire 100 percent of the shares of Norway-based engineering and technical staffing consultancy Techconsult, thereby creating one of the largest technical resourcing providers in Norway and the North Sea.

Upon completion of the transaction, Techconsult will merge with AGR – part of ABL Group – and its existing resourcing business unit.

The joint business will include specialist competence to support the oil and gas, maritime and renewable energy industries, including the digitalisation of its operations.

“Availability of top technical competence is key to realising the energy industry’s ambitions. When we acquired AGR, we obtained a reputable competence provider that has a leading position in the energy industry. We are more than doubling our capacity through the acquisition of Techconsult, who also adds expertise within renewables, energy transition and the digitalisation of the energy industries. This will allow us to support more clients in tackling the skills shortage challenge and to diversify into markets where we can provide our support.”

Reuben Segal, CEO of ABL Group ASA

ABOUT TECHCONSULT

Techconsult was founded in 1999 and is today established with offices in Bergen, Oslo and Stavanger in Norway. The company consists of more than 200 consultants. It also offers clients access to a database of approximately 14,000 technical and engineering professionals.

With its roots in resourcing for the oil and gas industry, Techconsult has successfully diversified into renewable energy, environmental and infrastructure projects, as well as resourcing in computer and IT disciplines, shipbuilding and mechanical industries, plus the process and construction industries.

In 2024, Techconsult delivered revenue of NOK 346 million (USD 32 million) and EBIT of NOK 17 million (USD 1.6 million).

“With innovation at our core, we have continually developed our offering to support the growing energy transition and renewables sector, with a third of our business in this space, whilst maintaining our strong commitment as a go-to provider for the oil and gas market. Joining AGR is the natural next step in Techconsult’s strategy. It represents a synergy of two teams with a shared vision, unlocking opportunity on both sides to continue what we are doing, but with an even stronger platform to deliver to more clients and to develop further together.”

Ronny Meyer, Founder and CEO of Techconsult

STRATEGIC RATIONALE

The acquisition will diversify both companies’ client bases, combining AGR’s strong position with operators with Techconsult’s portfolio that is more driven towards service and engineering companies.  

In total, the combined company will more than double the shared database of technical professionals – 26,000 in total – creating a stronger platform to support more clients and in more geographical markets and industry segments.

Additionally, the deal will diversify the markets which AGR serves, whilst also enhancing Techconsult’s potential growth in the renewable energy and offshore wind sector, where it can leverage the wider ABL Group’s extensive project and client network. 

“Both companies’ vision is to be a preferred technical resourcing provider, and we recognise that together we can create a stronger base to support more clients and expand into new areas. The acquisition also creates wider opportunities for professional development for our colleagues, including international prospects. I am excited about this next chapter for AGR and Techconsult as a joint powerhouse in technical and engineering resourcing.”

Thomas Veseth Saue, General Manager of AGR Consultancy

TRANSACTION TERMS

Techconsult is valued at an enterprise value of NOK 41.5 million (USD 3.7 million) in the transaction. The purchase price will be settled with a combination of cash on completion and a seller’s credit falling due one year after completion. Completion of the transaction is expected in April 2025.

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Ross Offshore will now merge with ABL Group company AGR, thereby expanding and further strengthening the group’s service offering in wells, reservoirs, and marine & survey management.

“We are glad to welcome everyone in Ross Offshore to the ABL Group family and we will be working in the coming months on bringing them under the AGR brand. As a result of becoming one team with AGR, the Ross Offshore and AGR united team has more than 500 knowledge heavy professionals working on behalf of the client base. Ross Offshore also brings new locations to our Group presence in Norway – Bergen and Sandefjord in addition to our offices in Stavanger, Oslo and Tromsø.”

Reuben Segal, CEO of ABL Group

The transaction to acquire 100 percent of the shares in Ross Offshore has been settled in cash, utilising ABL Group’s existing cash holdings and undrawn credit facilities. The transaction values Ross Offshore at NOK 100 million (equivalent to USD 9.3 million at current FX rates) on a cash and debt free basis, based on locked box accounts as of 31 December 2023.

Discover Ross Offshore and learn more about their technical and engineering expertise in wells, subsurface, technical resourcing and marine operations:

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