Petroleum Africa
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Friday, February 28, 2014
Oslo, Norway, 27 February 2014 – Aqualis ASA (OSE: AQUA) has signed a memorandum of understanding (MoU) to acquire Tristein AS, a leading provider of marine operations for the offshore oil, gas and wind industries. The financial details of the transaction are undisclosed.
“The combination of Aqualis Offshore and Tristein is a good match in the oil and gas sector. Additionally, Tristein possesses valuable expertise within the renewables and offshore wind segment. Combining the competence of Tristein and Aqualis Offshore will allow us to provide an even better service offering to our customers,” says David Wells, CEO of Aqualis Offshore.
Tristein, headquartered in Asker, Norway, with further offices in Kristiansund and Stavanger, currently employs 36 people, of which 16 are permanent staff. In 2013, Tristein had unaudited revenues of NOK 44 million and EBITDA margin (earnings before interest, taxes, depreciation and amortization) of approx. 12%. The company has a solid order backlog for 2014 and beyond.
“Tristein is a highly respected player on the Norwegian continental shelf. Its position within both offshore oil and gas and renewables is reflected in a number of long-term client relationships and frame agreements,” says David Wells.
In less than nine months, Aqualis Offshore has established 10 offices in several of the world’s key oil and gas regions. The company is a specialized offshore marine and engineering consultancy firm that already employs more than 80 people.
“Aqualis Offshore has quickly built up a presence on the Norwegian continental shelf, but the Tristein acquisition will significantly increase our capabilities and capacity on the NCS,” adds David Wells.
The personnel of Tristein has long track record from the offshore industry, serving as master mariners, offshore installation managers, offshore managers and logistic managers. The company operates through three main business areas: marine operations & logistics, engineering & survey, and renewable energy. Tristein is currently owned by the company’s management and key employees.
The majority of the final purchase consideration is expected to be settled in issued Aqualis ASA shares, subject to an extensive lock-up period. The proposed acquisition is subject to satisfactory financial, legal and operational due diligence, the signing of a definite share purchase agreement and final approval by the board of directors of Aqualis ASA.
The transaction is expected to be closed at the end of the first quarter or early in the second quarter of 2014.
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