ABL Group ASA: Acquisition of Norwegian technical resourcing consultancy

12 Feb 2025 08:00 CET

12 February 2025 – 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,” says 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,” says Ronny Meyer, the 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,” says 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.


(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 and consultants, and Longitude – the
design and engineering consultants.

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