11 July 2022 - ABL Group ASA (formerly AqualisBraemar LOC ASA) has entered into
an agreement to acquire 100 percent of the shares in energy and engineering
consultancy Add Energy. The acquisition broadens ABL Group's service offering,
enhances recurring revenue services in the opex phase and gains entry into
digital optimisation, carbon storage and energy efficiency services that are
crucial to the energy transition. 

"ABL Group has traditionally been more exposed to the capex-driven field
development part of offshore energy industries. We are through this acquisition
gaining additional exposure to the opex-driven side of offshore energy
industries, including decarbonisation and life extension work. This reflects our
commitment to transitioning all areas of energy and oceans to net-zero,
including oil & gas. Put simply, ABL Group's total addressable market has
suddenly become a lot bigger," says Reuben Segal, CEO of ABL Group. 

The acquisition also reinforces ABL Group's value commitment to technical and
service excellence, by adding 140 skilled consultants to the group's global
team. It will allow ABL Group to expand its service offering in asset integrity
management and OPEX services within both offshore renewables and oil and gas.
Add Energy also brings numerous fully developed software solutions that can be
applied to several parts of ABL Group, including our businesses working in the
renewables and maritime industries. 

ABOUT ADD ENERGY
Add Energy offers solutions and specialized consultancy services to the energy
industry. The company's solutions are supported by a unique toolbox of
proprietary software and analytical tools, developed in partnership with
industry and academia.

The company's two major business lines are asset integrity management, which is
provided across a wide range of industries, and well engineering, management,
control and servicing to assure safety, regulatory compliance and efficiency in
operators' drilling, production and decommissioning projects in the oil and gas
industry. The company also offers safety and risk management consulting. 

"Our objective is to capitalise on Add Energy's world leading subsurface
competence and apply it to new segments such as CO2 storage, while building on
its impressive position on how to make well operations safer and with reduced
environmental footprint. 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," says Dr. R. V. Ahilan, chief energy
transition officer at ABL Group. 

Add Energy is headquartered in Stavanger, Norway, but its main operating hubs
are in Perth, Western Australia