“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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“Via Longitude, ABL Group has established itself as a trusted partner in design and engineering from concept, FEED to detailed engineering, across energy and oceans. With an extensive track-record in offshore wind globally, moving into the detailed design space is a natural next step. I am delighted that Jan Erik and Michael have accepted to lead this effort.”

Jake Anderson, CEO of Longitude, which is part of Oslo-listed energy and marine consultancy group ABL Group ASA

The offshore wind design team will provide concept design, FEED and detailed design services for bottom-fixed wind turbine generator (WTG) foundations, floating WTG foundations, offshore substation (OSS) foundations, cables and cable-routing, OSS topsides and landfall.

The unit will bring together multi-disciplined engineering and offshore wind foundation design expertise from Longitude and other parts of ABL Group to support developers and operators of offshore wind farms.

Jan Erik Berg will head up the division, while Michael Sienko takes on the role as business development director.

Berg and Sienko both hail from international energy and engineering consultancy COWI, having co-led the company’s offshore wind business. Under their direction, COWI built a leading designer position in offshore wind globally.

“Longitude and the wider ABL Group have an exceptional offshore wind project portfolio, with experience in all foundation types and a reputation as a go-to provider for design and engineering. The company’s large pool of engineering talent, from structural, to electrical, multidisciplined geoscience, and structural loads to a global team of expert draftsmen and women, makes Longitude a key player in this space. I am delighted to take the helm of the new foundation design arm.”

Jan Erik Berg, Head of Offshore Wind Foundation Design at Longitude

Berg is based in Oslo, Norway, and Sienko in Copenhagen, Denmark, adding to Longitude’s geographical footprint.

Longitude provides design and engineering in offshore wind, facilities and subsea, marine design and engineering and marine operations. Its teams are based in the UK, France, Italy, Canada, USA, Mexico, Brazil, Malaysia, Singapore, Australia and Philippines. It also provides design and engineering via the wider ABL Group’s footprint in 43+ countries

Discover ABL Group’s design and engineering branch, Longitude, and their full service offering in energy and oceans:

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The planned transaction was first announced on 5 December last year.

The acquisition expands ABL Group’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations. The addition of Proper Marine expands ABL Group’s design and engineering capabilities with a team of 90+ professionals and a track-record of more than 1,600 projects.

Further, the acquisition 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.

In addition, being part of Longitude will support Proper Marine in transitioning some of its expertise to increasingly support renewable energy and energy transition design and engineering.

“We are delighted to formally welcome the Proper Marine team into Longitude and the joining of forces between two like-minded design houses. We are confident that our joint offering will benefit both current and potential new clients in both the Americas and elsewhere around the world.”

Jake Anderson, Managing Director of Longitude

“This is the first day of the next chapter in Proper Marine’s proud history – to take Brazilian engineering excellence to the world. Becoming part of Longitude not only strengthens our overall capability to support more clients and in more sectors, but opens great opportunity to take our expertise global.”

Bernardo Xavier, Operations Director, Proper Marine

Find out more about Proper Marine, their expertise, services and track-record, or discover our global design and engineering capability at Longitude:

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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 today 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.

Discover more on Proper Marine’s services, expertise and track-record, by visiting their website:

The post ABL Group ASA: Closing of Proper Marine Acquisition appeared first on ABL Group ASA.

ABL Group has entered into an agreement to acquire 100 percent of the shares in Brazil-based naval architecture and engineering consultancy, Proper Marine, which will be merged with ABL Group’s design and engineering arm, Longitude.

The acquisition will expand the Group’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations.

“We are delighted to welcome Proper Marine into ABL Group. This transaction will significantly increase our global expertise in design and engineering and enhance our local capacity to support the Americas. Proper Marine’s services are highly complementary to that of our own design house, Longitude, enabling us to bring design solutions to more clients and in more markets. Furthermore, this transaction reflects ABL Group’s commitment to the Brazilian market, following the in-country growth of our marine and renewable energy branches ABL and OWC. Recognising the strategic significance of the country’s maritime and energy sectors, the expansion of local design capabilities was the logical next step, and we are thrilled to do this together with Proper Marine.”

Reuben Segal, CEO of ABL Group

ABOUT PROPER MARINE

Proper Marine was founded in 2010 with a vision to bring Brazil’s engineering excellence to support naval and offshore markets globally. In addition to Brazil, Proper Marine currently works on projects in a further nine countries, including the USA, Senegal, Spain, Portugal, China and others.

“This move fully aligns with our founding mission – as part of ABL Group and together with Longitude, we have the opportunity to accelerate our goal of taking Brazilian engineering excellence to the world. By merging with Longitude, we are synergising two like-minded design houses, who are equally committed to fostering the best engineering and design talent in our sectors.”

Bernardo Xavier, Operations Director and Founder of Proper Marine

The company will expand ABL Group’s design and engineering capabilities with a team of 90+ professionals and a track-record of more than 1,600 projects.

The acquisition will strengthen 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 to this, Proper Marine brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the Group’s overall capabilities in this segment.

STRATEGIC RATIONALE

This deal will unlock greater opportunity for Proper Marine to scale up its current operations and services on a global scale, with access to Longitude’s geographical footprint and notably in North America.

The integration will consolidate two almost equal sized teams to create an even stronger international design and engineering house. As such, it will further enhance both companies’ exposure to larger design projects and the FPSO sector.

It will also open greater opportunity for professional development of staff on both sides of the transaction.

The acquisition will further strengthen Proper Marine’s offering in vessel design, opening up Longitude’s intellectual property (IP) of 100+ vessel designs.

In addition, being part of Longitude will support Proper Marine in transitioning some of its expertise to increasingly support renewable energy and energy transition design and engineering.

“This deal will open opportunities for our team to gain greater exposure internationally, and in new areas, like in renewable energy development. It will better position us to play a key role in the development of Brazil’s great potential in wind energy, solar PV and hydrogen, whilst increasing our platform to market in North America.”

Hugo Jordão, Business Development Director of Proper Marine

“Together Proper Marine and Longitude will be able to expand our offering to bring value to more clients in the Americas, whilst unlocking new opportunities for staff development. Lastly, and importantly, the deal reflects our mutual commitment to growing in the important Brazilian market. I am certain that this will benefit current and new clients in both existing and new sectors.”

Jake Anderson, Managing Director of Longitude

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Discover more on Longitude and Proper Marine:

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ABL Group has entered into an agreement to acquire 100 percent of the shares in Brazil-based naval architecture and engineering consultancy, Proper Marine. The acquisition will expand the Group’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations.

“We are delighted to welcome Proper Marine into ABL Group. This transaction will significantly increase our global expertise in design and engineering and enhance our local capacity to support the Americas. Proper Marine’s services are highly complementary to that of our own design house, Longitude, enabling us to bring design solutions to more clients and in more markets. Furthermore, this transaction reflects ABL Group’s commitment to the Brazilian market, following the in-country growth of our marine and renewable energy branches ABL and OWC. Recognising the strategic significance of the country’s maritime and energy sectors, the expansion of local design capabilities was the logical next step, and we are thrilled to do this together with Proper Marine.”

Reuben Segal, CEO of ABL Group

Upon completion of the acquisition, Proper Marine will be merged with ABL Group’s design house, Longitude.

ABOUT PROPER MARINE

Proper Marine was founded in 2010 with a vision to bring Brazil’s engineering excellence to support naval and offshore markets globally. In addition to Brazil, Proper Marine currently works on projects in a further nine countries, including the USA, Senegal, Spain, Portugal, China and others.

“This move fully aligns with our founding mission – as part of ABL Group and together with Longitude, we have the opportunity to accelerate our goal of taking Brazilian engineering excellence to the world. By merging with Longitude, we are synergising two like-minded design houses, we are equally committed to fostering the best engineering and design talent in our sectors.”

Bernardo Xavier, Operations Director and Founder of Proper Marine

The company will expand ABL Group’s design and engineering capabilities with a team of 90+ professionals and a track-record of more than 1,600 projects. In 2023, Proper Marine delivered net revenue of USD 3.9 million (BRL 19.6 million, converted to USD at 2023 average BRL/USD of 0.2004) and adjusted EBITDA of USD 0.8 million (BRL 4.2 million).

The acquisition will strengthen 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 to this, Proper Marine brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the Group’s overall capabilities in this segment.

STRATEGIC RATIONALE

This deal will unlock greater opportunity for Proper Marine to scale up its current operations and services on a global scale, with access to Longitude’s geographical footprint and notably in North America.

The integration will consolidate two almost equal sized teams to create an even stronger international design and engineering house. As such, it will further enhance both companies’ exposure to larger design projects and the FPSO sector.

It will also open greater opportunity for professional development of staff on both sides of the transaction.

The acquisition will further strengthen Proper Marine’s offering in vessel design, opening up Longitude’s intellectual property (IP) of 100+ vessel designs.

In addition, being part of Longitude will support Proper Marine in transitioning some of its expertise to increasingly support renewable energy and energy transition design and engineering.

TRANSACTION DETAILS

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. Settlement of the consideration shares will take place through annual instalments over 5 years from the current date, subject inter alia to the sellers’ continued employment in ABL Group. Completion of the transaction is expected in January 2025.

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