OWC completes acquisition of Delta Wind Partners
Reference is made to the stock exchange announcement dated 26 June 2023 regarding ABL Group ASA subsidiary OWC’s planned acquisition of Denmark-based offshore wind consultancy Delta Wind Partner ApS (DWP).
The acquisition has today been successfully completed.
DWP is 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 O&M 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. DWP has a track-record of supporting both bottom-fixed and floating wind projects.
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.
OWC has acquired 100 percent of the shares in Delta Wind Partners for a total closing consideration of approximately DKK 11.4 million (USD 1.7 million). The consideration is settled as follows:Issuance of 413,838 ordinary ABL Group shares (the “Consideration Shares”) at a subscription price of NOK 15.29 per ABL Group share, based on the 20-day value weighted average share price on 26 June 2023; DKK 7.4 million (USD 1.1 million) settled in cash on completion (the “Cash Consideration”).
The Consideration Shares are subject to a lock-up agreement and certain restrictions for 3-5 years, and will be issued pursuant to authorisation granted to the Board of Directors by ABL Group ASA’s Annual General Meeting on 31 May 2023. Subsequent to the transaction, ABL Group ASA’s share capital will be NOK 12,335,036.70 divided on 123,350,367 shares each with a par value of NOK 0.10.
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.
