FORNEBU, Norway, April 18, 2023 /PRNewswire/ -- Akastor ASA (OSE:
AKAST) has today completed the transfer of all shares in AGR AS to
ABL Group ASA ("ABL Group") as per the terms described in the press
release dated 20 March 2023.
Consequently, a total of 18,166,667 Consideration Shares in ABL
Group will be issued to Akastor's wholly owned subsidiary RGA
Energy Holdings AS ("RGA Energy"), of which 2/3 will be transferred
to Nordea and DNB (with 1/3 issued to each bank) as settlement of
the loans they previously had against AGR AS. RGA Energy will
retain 1/3 of the Consideration Shares (6,055,556), which equals an
ownership share in ABL of about 4.9%. All Consideration Shares are
subject to a 12 month lock-up period.
In addition to the Consideration Shares, RGA Energy has received
full payment of the agreed NOK 80.4
million Cash Consideration, of which only a balance of
NOK 5.3 million remained for payment
at completion following an agreed distribution of excess cash prior
to completion. RGA Energy will also continue to own certain assets
which are not part of the transaction, including 44% of the shares
in FØN Energy Services AS.
The transaction is completed above book value and expected to
generate an estimated accounting gain for Akastor of approximately
NOK 100 million, which will be booked
in Q2 2023.
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com
About AGR
AGR is a multi-disciplinary engineering consultancy and software
provider to the energy sector. The company offers consultancy,
asset evaluation, peer study, software and integrated well
engineering services. In 2022, AGR delivered revenue of
NOK 790 million and an adjusted
EBITDA of NOK 60 million.
For further information, please visit homepage:
https://agr.com/
About Akastor
Akastor is a Norway-based
oil-services investment company with a portfolio of industrial
holdings and other investments. The company has a flexible mandate
for active ownership and long-term value creation.
For further information, please visit homepage:
https://akastor.com/
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.
For further information, please visit homepage:
https://abl-group.com/
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