Sale to industrial
AGR sold to ABL Group
Akastor selling AGR to ABL Group
NOK 353m - 2023

On 20 March 2023, Akastor ASA («Akastor») entered into a share purchase agreement with ABL Group ASA ("ABL") to sell 100% of the shares in AGR AS (“AGR”), the multi-disciplinary Energy engineering consultancy and software company.

The consideration is split in consideration shares and cash, at an equity value of NOKm 352.9 on a 100% basis.

Alpha Corporate Finance has acted as financial advisor to Akastor in the transaction.

“Since Akastor’s entry into AGR, through the combination with First Geo in 2019, the company has delivered consistent growth and profitability. The combination of AGR and ABL Group creates a company with a large global client base and a more suitable financial platform for growth. We look forward to participating in the next phase of AGR’s growth, now as shareholders in ABL Group,” says Karl Erik Kjelstad, CEO of Akastor ASA.

AGR delivers its services through five business lines: consultancy, which delivers energy consultancy services and personnel in Norway, UK and Australia; well management, with strong footprint in the Asia Pacific region; wellsite and operations geology, which operates primarily in Norway; reservoir management and asset evaluation, operating in Norway; and software products to support the offshore energy industries globally. In 2022, AGR delivered revenue of NOKm 790 and Adj. EBIT of NOKm 46.

ABL Group, which is listed on the Oslo Stock Exchange (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 38 countries worldwide. ABL Group operates under six brands: ABL, OWC, Innosea, Longitude, Add Energy and ABL Yachts.

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