Akastor has completed the transfer of all shares in AGR, an offshore engineering, consultancy, and software company, to the Norwegian energy and marine consultancy group ABL Group under the terms first announced on March 20, 2023.
A total of 18,166,667 Consideration Shares in ABL Group will be issued to Akastor’s wholly-owned subsidiary RGA Energy, of which 2/3 will be transferred to Nordea and DNB (with 1/3 issued to each bank) as settlement of the loans they previously had against AGR AS.
RGA Energy will retain 1/3 of the Consideration Shares (6,055,556), which equals an ownership share in ABL of about 4.9%. All Consideration Shares are subject to a 12 month lock-up period.
In addition to the Consideration Shares, RGA Energy has received full payment of the agreed NOK 80.4 million Cash Consideration, of which only a balance of NOK 5.3 million remained for payment at completion following an agreed distribution of excess cash prior to completion.
RGA Energy will also continue to own certain assets which are not part of the transaction, including 44% of the shares in FØN Energy Services AS.
"The transaction is completed above book value and expected to generate an estimated accounting gain for Akastor of approximately NOK 100 million, which will be booked in Q2 2023," Akastor said.