Aqualis to acquire Braemar’s offshore business

Aqualis Offshore
Aqualis Offshore

Aqualis Offshore has entered into an agreement to acquire parts of Braemar Technical Services’ business to become a “leading” offshore consultancy.

The Norwegian firm will take on UK-based Braemar’s marine, technical and offshore branches, with Braemar meanwhile becoming the largest shareholder in the new firm.

The combined company, named AqualisBraemar, will be based in London and trade on the Oslo stock exchange.

Bosses said it will create a leading offhore marine and renewables consultancy.

It will employ around 430 full-time staff, with the merger estimated to provide synergy cost savings of £1.5million per year once it is completed, estimated to be by year-end of 2021.

Aqualis has four employees at its base in Aberdeen, which will continue trading as usual but with “additional and enhanced capability” thanks to the merger.

Both firms had combined revenue of £58.5m last year, with Aqualis representing £27.7m and BTS representing 30.8m.

Braemar could acquire up to 33% of the business, depending on its performance.

David Wells, CEO of Aqualis, said: “Only Aqualis Offshore has an office in Aberdeen – four employees in total with additional resources available on an ‘as required’ basis locally.

“This office will continue trading as usual but will now be able to offer additional and enhanced capability to the market from the extra expertise that this merger brings”