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2023-06-26 13:00:00
26 June 2023 - ABL Group ASA's renewable energy consultancy OWC has entered into
an agreement to acquire 100 percent of the shares of Denmark-based offshore wind
consultancy, Delta Wind Partners ApS (DWP) - a specialist solutions provider for
wind turbine generators (WTG).
The acquisition expands OWC's technical offering in wind turbines and in
consultancy at the installation and operational phases of an offshore wind
project. It also provides an opportunity to further grow DWP's unique approach
to WTG optimisation both globally and in the floating offshore wind market.
"With Delta Wind Partners we are broadening our expertise and experience so we
can provide the most comprehensive technical offering to support the
acceleration of the offshore wind industry. It gives us a presence in an
important offshore wind market, at the heart of where the wind energy sector was
born. DWP's impressive expertise in WTG technology at the latter phases of an
offshore wind project's lifecycle perfectly complements OWC's experience at the
development phase, something that combined will add great value to our clients.
As we also have a track-record of working together, this acquisition is not only
a clear technical fit, but also a perfect cultural fit," says William Cleverly,
CEO of OWC.
ABOUT DELTA WIND PARTNERS (DWP)
DWP was established by a team of engineers specialising in wind turbine
construction and operation. The consultancy provides technical solutions to
support clients in getting the most out of their WTGs throughout the lifecycle
of an offshore wind farm. The company has a track-record of supporting both
bottom-fixed and floating wind projects.
Based in Silkeborg, Denmark, DWP has worked on projects locally and abroad in
the UK, Ireland, Japan and South Korea.
In the last 12 months as of April 2023, the company delivered revenue of
approximately DKK 15.6 million (USD 2.3 million), and EBIT of approximately DKK
2.7 million (USD 0.4 million).
COMPLEMENTARY EXPERTISE
The acquisition expands OWC's offering to clients at installation and O&M phases
and offers opportunity to apply lessons learnt from latter project phases into
feasibility and development, adding value to OWC, clients and the industry at
large.
The addition of DWP also gives OWC and ABL Group a local presence in the Danish
market, increasing the opportunity to support Denmark in delivering its
renewable energy targets.
Similarly, the acquisition provides DWP an opportunity to expand its expertise
internationally across OWC's office network spanning 14 countries in the world's
key offshore wind regions. The added value of DWP's breadth of knowledge in
turbine technologies also enhances OWC's overall support for the development and
innovation of floating wind technology.
"This is an exceptional opportunity for Delta Wind Partners, as it allows us to
leverage our complementary competencies and expand our reach in the areas where
we excel: planning and executing the WTG aspects of projects. By combining our
unique turbine expertise with OWC's industry-leading capabilities, we gain
unparalleled access to a wider range of projects, particularly in the thriving
field of floating wind."
"Additionally, this strategic consolidation positions us to better support
Denmark in its ambitious offshore wind commitments, including the upcoming
auction of 9 GW of capacity starting this year. This consolidation builds upon
an existing mutual respect and friendship, providing an excellent opportunity to
grow our team and expertise for the benefit of colleagues and clients alike,"
says René Aagaard, Director and Co-Founder of Delta Wind Partners.
TRANSACTION TERMS
OWC has agreed to acquire 100 percent of the shares in Delta Wind Partners. The
total closing consideration of approximately DKK 12 million (USD 1.8 million)
will be settled with a combination of approximately DKK 8 million in cash and
413,838 shares in ABL Group ASA. The acquisition is expected to be completed
during the third quarter of 2023.
OWC is part of leading global consultancy and engineering group, ABL Group ASA.
The acquisition of DWP is a purely renewable energy acquisition, reflecting both
OWC and the parent company's commitment to driving sustainability and energy
transition technologies.
OWC is a specialist global consultancy that helps develop and deliver projects
and investments in offshore and onshore wind, solar PV, battery energy storage,
hydrogen, and wave & tidal energy. The company specialises in project
development services, owner's engineering and technical due diligence. OWC also
includes geo-consulting specialists East Point Geo, and the French marine
renewable energies specialists Innosea.
(ENDS)
For further information, please contact:
Investors and financial media:
Stuart Jackson, CFO, 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
About ABL Group ABL Group (OSE: ABL Group ASA - ticker code "ABL") offers
independent energy and marine consultancy to the global renewables, maritime and
oil and gas sectors. The group has offices in 39 countries worldwide. ABL Group
operates under seven brands: ABL, OWC, Longitude, AGR, Add Energy, Innosea and
ABL Yachts.