Braemar Shipping Services PLC AqualisBraemar Acquisition of LOC Group (1700G)
23 November 2020 - 9:22PM
UK Regulatory
TIDMBMS
RNS Number : 1700G
Braemar Shipping Services PLC
23 November 2020
23 November 2020
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
AqualisBraemar Acquisition of LOC Group
Braemar Shipping Services Plc ("Braemar" or the "Group"), a
leading international provider of shipbroking, financial advisory
and logistics services principally to the shipping and energy
industries is pleased to announce that AqualisBraemar ASA ('AQB')
is to acquire LOC Group. Braemar has a shareholding of
approximately 27% in AQB and it is an associate company of
Braemar.
AQB announced the proposed transaction to the Oslo Borse earlier
today and the detail can be found on AQB's website (
aqualisbraemar.com ). The combination of the two businesses will
create 'a leading global independent offshore energy and marine
consultancy' and 'increases AqualisBraemar's renewables footprint
and ramps up the Company's commitment to the global energy
transition'. The transaction will be funded by a mixture of debt
and new equity. AQB believes that the acquisition is consistent
with its ambition of 'consistently returning capital to
shareholders'.
Braemar believes this expansion will help generate further
momentum for AQB, building on the strong progress stated in its
Q3-2020 results, and has therefore shown its support and given the
AQB Board undertakings to vote in favour of the transaction.
Following the acquisition, Braemar is expected to hold
approximately 21% of the revised share capital in the enlarged
group.
For further information, contact:
Braemar Shipping Services Plc
Ron Series, Executive Chairman Tel +44 (0) 20 3142 4100
Nick Stone, Finance Director
Peter Mason, Company Secretary
finnCap
Matt Goode/ James Thompson/ Kate Tel +44 (0) 20 7220 0500
Washington
Buchanan
Charles Ryland / Stephanie Watson Tel +44 (0) 20 7466 5000
/ Matilda Abraham
Notes to Editors:
About Braemar Shipping Services Plc
Braemar Shipping Services Plc is a leading international
provider of shipbroking, financial advisory and logistics services
principally to the shipping and energy industries. Founded in 1972,
Braemar employs approximately 530 people in 28 offices worldwide
across its Shipbroking, Financial, Logistics and Engineering
divisions. Braemar joined the Official List of the London Stock
Exchange in November 1997 and trades under the symbol BMS.
For more information, including our investor presentation, visit
www.braemar.com
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END
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