Braemar Shipping Services PLC AqualisBraemar Acquisition of LOC Group (1700G)

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RNS Number : 1700G

Braemar Shipping Services PLC

23 November 2020

23 November 2020

BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

AqualisBraemar Acquisition of LOC Group

Braemar Shipping Services Plc ("Braemar" or the "Group"), a leading international provider of shipbroking, financial advisory and logistics services principally to the shipping and energy industries is pleased to announce that AqualisBraemar ASA ('AQB') is to acquire LOC Group. Braemar has a shareholding of approximately 27% in AQB and it is an associate company of Braemar.

AQB announced the proposed transaction to the Oslo Borse earlier today and the detail can be found on AQB's website ( aqualisbraemar.com ). The combination of the two businesses will create 'a leading global independent offshore energy and marine consultancy' and 'increases AqualisBraemar's renewables footprint and ramps up the Company's commitment to the global energy transition'. The transaction will be funded by a mixture of debt and new equity. AQB believes that the acquisition is consistent with its ambition of 'consistently returning capital to shareholders'.

Braemar believes this expansion will help generate further momentum for AQB, building on the strong progress stated in its Q3-2020 results, and has therefore shown its support and given the AQB Board undertakings to vote in favour of the transaction.

Following the acquisition, Braemar is expected to hold approximately 21% of the revised share capital in the enlarged group.

For further information, contact:

 
 Braemar Shipping Services Plc 
  Ron Series, Executive Chairman      Tel [phone] 
  Nick Stone, Finance Director 
  Peter Mason, Company Secretary 
 finnCap 
  Matt Goode/ James Thompson/ Kate    Tel [phone] 
   Washington 
 Buchanan 
  Charles Ryland / Stephanie Watson   Tel [phone] 
   / Matilda Abraham 
 

Notes to Editors:

About Braemar Shipping Services Plc

Braemar Shipping Services Plc is a leading international provider of shipbroking, financial advisory and logistics services principally to the shipping and energy industries. Founded in 1972, Braemar employs approximately 530 people in 28 offices worldwide across its Shipbroking, Financial, Logistics and Engineering divisions. Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, including our investor presentation, visit www.braemar.com

Where this announcement contains links to websites and information owned or provided by third parties, they are provided for information only. Such links should not be interpreted as approval by us of those linked websites or information you may obtain from them. Braemar has no control over the contents of those websites or information.

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November 23, 2020 05:22 ET (10:22 GMT)