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ABL Group to acquire Ross Offshore

Global consultancy ABL Group has entered into an agreement to acquire 100 percent of the shares of specialist energy consultancy Ross Offshore from Moreld Group.

“We welcome the Ross Offshore team to ABL Group and look forward to the amalgamation of the business within our AGR brand. This is the latest expansion of our technical offering in wells and reservoir operations, bringing together an even deeper pool of expertise, that enables us to support more clients worldwide across their oil operations. Moreover, Ross Offshore’s competency in marine operations consulting further enhances the Group’s market position as consultant of choice to support energy and marine operations.” Reuben Segal, CEO of ABL Group.

Following completion of the transaction, Ross Offshore will merge with ABL Group company AGR, further strengthening the group’s centre of technical excellence in wells, reservoir operations and other consultancy services.

“As oil and gas companies have continued to grow over the years, we too need to expand our capacity and competence to ensure that we can provide the best possible support to our clients through the challenges they face. AGR first joined forces with First Geo, then Add Energy, and now Ross Offshore, showing our commitment to growing with our customers to drive safety and efficiency in their oil operations in both current and new markets worldwide.” Svein Sollund, CEO of AGR.

AGR is a specialist engineering consultancy in well engineering, drilling project management, technical safety, decommissioning, subsurface and asset evaluation services, and offer software and resourcing solutions for hydrocarbon and low-carbon projects. It also provides expertise in energy transition technologies carbon capture, storage and utilisation (CCUS) and geothermal.
Ross Offshore was established in 1997 as a consulting company in Sandefjord, Norway. Since then, the company has grown to be a complete provider of drilling and well management services on behalf of operators; subsurface services including offerings within reservoir and field development, exploration, reserve audits and due diligence, and carbon capture and storage; and other consultancy and resourcing services.

“This partnership is a strategic synergy of two completely complementary companies, unlocking the opportunity to further strengthen our mutual position in oil and gas markets, so we can help bring best practice to more clients in more countries globally. It also represents a chance for both companies to grow our activity in the energy transition space. Lastly, with AGR and part of ABL Group, we will be able to nurture and grow the Ross approach for technical excellence beyond Norway and into new industry sectors.” Jørgen Jørgensen, CEO of Ross Offshore.

Headquartered in Stavanger, Norway, Ross Offshore currently employs 152 people. The company also brings additional offices to ABL Group, in Sandefjord and Bergen, Norway. In 2023, Ross Offshore delivered revenue of approximately NOK 848 million. It holds frame agreements for well management, specialized services and consultancy for a several clients – both small and large – on the Norwegian continental shelf.

Ross Offshore also provides marine mobilisation services, HSEQ consulting and contracts and logistics support – adding to ABL Group’s growing service portfolio in supporting energy and marine operations.

“Ross Offshore has demonstrated strong growth under the ownership of the Moreld Group, and we are confident the transition to the ABL Group will continue this successful journey. The strategic decision of this agreement reflects our commitment to optimising the portfolio and focusing our resources where they can have the greatest impact, enabling Moreld to pursue opportunities aligned with our long-term strategy.” Geir Austigard, CEO of Moreld Group.

Leveraging ABL Group’s portfolio in energy transition, Ross Offshore also has the opportunity to develop its “Ross Green Steps” – a commitment to work towards sustainable solutions for its clients.

Namely the expansion of its CCS capabilities enhanced with AGR’s established portfolio. And the expansion of its resourcing capabilities and other relevant services to support offshore wind operations – an initiative already underway in AGR.

Ross Offshore’s competence within drilling and well management also strengthens AGR’s energy transition efforts and market position within drilling of geothermal wells.

“As part of ABL Group, Ross Offshore will have the opportunity to expand both its core technical competency in wells and reservoirs, its growing offering in marine operations consulting, and its vision to grow in CCS and geothermal technologies. This merger also creates an even stronger platform off which both Ross Offshore and AGR together can globalise their expertise and expand beyond their established markets.” Reuben Segal, CEO of ABL Group.

ABL Group acquires 100 percent of the shares in Ross Offshore from Moreld Group AS. The transaction, which is subject to approval by the Norwegian competition authority, is expected to be completed in late Q2 or in early Q3 this year.