Aqualis and Braemar Technical Services to Join Forces
Aqualis ASA and Braemar Shipping Services has entered into an agreement for Aqualis to acquire three business lines representing the majority of the Braemar Technical Services division.
Within the marine segment, Braemar Technical Services offer a worldwide emergency casualty, accident or incident response and international marine survey services. Within the adjusting segment, the company provides services such as loss adjusting, risk assessment, legal/expert witness and construction dispute resolution to the international insurance and reinsurance markets.
Aqualis Offshore is a specialized offshore marine and engineering consultancy firm, focusing on the shallow and deepwater offshore segments of the oil and gas industry together with renewables The company has increasing focus on offering consultancy services to the maritime and shipping industries, and does not currently have operations in the adjusting segment.
The two companies say that they are highly complementary in terms of geographical footprint, with offices all over the world.
The combined company will operate under the united brand AqualisBraemar and will have four main business lines, each with a global offering and strong presence in their respective markets: Adjusting, Marine, Offshore and Renewables. It will have a total of more than 430 full-time equivalent employees globally.
The combined company’s executive management will consist of CEO David Wells (Aqualis), CFO Kim Boman (Aqualis), Group and Offshore COO Reuben Segal (Aqualis) and COO Insurance Services Grant Smith (Braemar). The head office will be located in London.
The transaction will make Braemar the largest shareholder in Aqualis with an initial shareholding of approximately 26 percent, potentially increasing to 33 percent, depending on business performance. The combined company’s revenue for the 12 months ended December 31, 2018 was approximately $76 million, with Aqualis making up $36 million of that.
Completion of the transaction is subject to the approval by Aqualis’ shareholders at the Annual General Meeting expected to be held in June.
Wells said: “Aqualis and Braemar Technical Services are two of the leading marine consulting companies globally. By joining forces, we create a more sustainable business with strong platform for international growth. We will be better able to support our clients’ growth by offering our joint and enhanced leading expertise. With our larger scale, more resources and our engaged and talented people, we will improve our ability to meet our clients’ needs globally.”