An agreement has been struck for ABL to acquire 100% of the shares in the energy and engineering consultancy firm.
This deal adds 140 skilled consultants to the group’s global team and will allow ABL to expand its service offering in asset integrity management and opex services, within both offshore renewables and oil and gas.
Chief executive of ABL, Reuben Segal said: “ABL Group has traditionally been more exposed to the capex-driven field development part of offshore energy industries, including offshore wind and other generation technologies.
“We are through this acquisition gaining additional exposure to the opex-driven side of offshore oil and gas and the power industries, including decarbonisation and life extension work.
“This reflects our commitment to transitioning all areas of energy and oceans to net-zero.”
What is Add Energy?
Add Energy is headquartered in Stavanger, Norway, but its main operating hubs are in Aberdeen; Perth, Western Australia; Houston, USA; and Calgary, Canada.
In 2021 the company delivered revenue of £17.12 million and has an order backlog of approximately £15.56 million.
Chief energy transition officer at ABL R. V. Ahilan said: “Our objective is to capitalise on Add Energy’s world leading subsurface competence and apply it to new segments such as CO2 storage.
“Further, ABL Group’s extensive footprint in renewable energy technologies brings huge potential for Add Energy to accelerate its growing energy transition offering.
“We also want to employ their specialist asset integrity management competence across numerous sectors with a view to increasing ABL Group’s footprint within the opex-driven operations and maintenance part of asset management.”
Chief executive of Add Energy, Ole Rygg added: “Bringing Add Energy’s competence into ABL Group will enable us to further improve Add Energy’s operational performance.
“It will enable Add Energy’s team to capitalise on ABL Group’s systems, competence and client relationships, while we add a couple of strings to ABL Group’s bow.
“Together, we aim to provide a highly differentiated offering to our clients.”