AqualisBraemar LOC ASA has entered into a definitive agreement for the acquisition of 100% of the share capital of East Point Geo Limited to strengthen its geoscience offering within the renewables industry.
East Point Geo is an independent geoscience consultancy providing support for major offshore and onshore engineering projects, specialising in renewables and oil and gas developments.
Within the renewables sector, East Point Geo provides services that centre on the understanding of ground conditions for foundation engineering. These services include ground models, geospatial and geotechnical analysis, geophysical consultancy and interpretation, geo-risk assessment, geographical information systems and survey management support.
In the last twelve months, East Point Geo’s turnover totalled approximately GBP 1.4 million, predominantly from renewables projects. The company is headquartered in Norwich, UK, with an additional office in Oxford, UK.
“I’m very happy to announce this acquisition. East Point Geo has been a key partner to our rapidly growing renewables unit OWC across a number of offshore wind projects, and we have been continuously impressed with the quality of their delivery. Their complementary expertise enables us to offer a complete range of geoscience consultancy services to our clients, and provides additional growth opportunities particularly within renewables. Our ambition is for 50% of our revenues to come from renewables and sustainability oriented services by 2025, and East Point Geo will help us achieve that objective”, says David Wells, CEO of AqualisBraemar LOC.
“This transaction represents an exciting new chapter for East Point Geo. Since our establishment in 2016, we have quickly established ourselves as a trusted partner for some of the biggest names in the renewables industry. Through AqualisBraemar LOC’s global footprint we will be able to further accelerate the growth of our business, and our joint clients will benefit from an expanded service offering”, says the founding team of East Point Geo.
Today, AqualisBraemar LOC AS operates in the renewables industry through offshore wind consulting firm OWC, marine engineering company AqualisBraemar, independent engineering firm Innosea, renewables marine warranty surveying player LOC, and renewables engineering services provider Longitude. In addition to a wide range of offshore wind capabilities, the group also features specialist competence within wave, tidal and floating solar.
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About AqualisBraemar LOC ASA
AqualisBraemar LOC ASA (OSE: Aqua) offers independent adjusting, marine and offshore consultancy to the global renewables, maritime, oil and gas and power sectors. The group has offices in 39 countries worldwide. AqualisBraemar LOC ASA operates under seven brands: AqualisBraemar, LOC, OWC, Innosea, Longitude, JLA and ABL Yacht Services.