AKVA group ASA (“AKVA”) has today entered into an agreement to combine Akva Marine Services AS (“AMS”) with Abyss Group AS (“Abyss”) as a contribution in kind, with AKVA becoming a shareholder in the combined company. As part of the transaction, funds advised by Icon Capital AS (“Icon”) will be invested in the combined company to allow further growth. The initial investment by Icon will be NOK 100 million with further growth capital being available to the board of Abyss subject to certain conditions. Following the combination, AKVA will own 25.5% in the combined company. Knut Nesse will represent AKVA on the board of the combined company following the transaction. The transaction is expected to close before end of September. Prior to closing, ownership of Ocein AS, subsidiary of Abyss, will be transferred to Abyss’ existing owners and Ocein will therefore not be part of the combined company going forward. AKVA will still own 100% of Sperre AS, a leading supplier of net cleaning systems (ROVs and FNCs) to the aquaculture industry.
- We are very pleased to combine AMS with Abyss to create a leading Norwegian service company. The combination of AMS and Abyss will allow for better geographic coverage, increased fleet flexibility and excellent career opportunities for the employees in both companies, says CEO in AKVA, Knut Nesse, and continues:
- Through the investment from Icon, the company will have a very healthy balance sheet and excellent basis for further growth. We look forward to work with Abyss’ existing owners and Icon to create value for all stakeholders going forward. I am confident that the combined company will be better positioned to further develop and meet customer expectations today and in the future.
Danske Bank acted as financial advisor for AKVA group.
About Abyss
Abyss provides work boat and subsea services to fish farms and other maritime industries. The company operates a modern and well-equipped fleet of 16 vessels with operations across Norway and in Iceland. The company had a turnover (excluding Ocein AS) of NOK 193.9 million in 2020. Following the combination with AMS, Abyss will operate 30 vessels with additional 3 vessels under construction. The pro-forma combined revenue of the companies in 2020 was NOK 302.3 million.
CONTACTS:
Knut Nesse Chief Executive Officer
Phone: +47 51 77 85 00
Mobile: +47 91 37 62 20
E-mail: knesse@akvagroup.com
Ronny Meinkøhn Chief Financial Officer
Phone: +47 51 77 85 00
Mobile: +47 98 20 67 76
E-mail: rmeinkohn@akvagroup.com
About AKVA
AKVA group is a global technology and service partner that deliver technology and services that helps solve biological challenges within the aquaculture industry. Good operational performance and fish welfare ensures sustainability and profitability for the customer. This is the premise for everything we deliver, from single components to services and complete installations. In-depth aquaculture knowledge, extensive experience and a high capacity for innovation characterizes and enables us to deliver the best solutions for both land based and sea based fish farming.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
