ABL Group ASA: Closing of Proper Marine acquisition

13 Jan 2025 18:36 CET

13 January 2025 – 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.

ABL Group’s CEO Reuben Segal, comments:

“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.”

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.

(ENDS)

For further information, please contact:

Investors and financial media:

Stuart Jackson, Chief Financial Officer, ABL Group ASA

Email: stuart.jackson@abl-group.com



Other media enquiries:

Endre Johansen, Corporate Communications AS

Telephone: +47 41 61 06 05

Email: endre.johansen@corpcom.no

About ABL Group

ABL Group (OSE: ABL Group ASA – ticker code “ABL”) is a leading independent
global consultancy delivering energy, marine, engineering and digital solutions
to drive safety and sustainability in renewables, maritime and oil and gas
sectors. The group has offices in 43 countries worldwide and operates under four
brands: ABL – the energy and marine consultants, AGR – the energy and software
consultants, OWC – the renewable energy consultants, and Longitude – the design
and engineering consultants.

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