Aqualis snaps up UK's OWC
Norwegian offshore marine and engineering consultancy Aqualis has inked a memorandum of understanding (MoU) to buy London-based Offshore Wind Consultants (OWC).
“The acquisition of OWC offers Aqualis access to the offshore wind and renewables industry. In addition the combination will be able to deliver enhanced services to our clients by sharing expertise and resources, particularly where engineering and offshore attendances are required,” says Aqualis chief executive David Wells.
OWC, which had revenues of more than £780,000 ($1.32m) in 2013, has a "strong" pipeline of secured work throughout Europe "for the remainder of 2014 and beyond".
Ian Bonnon, managing director of OWC, adds: “Aqualis' worldwide network will enable [us] to expand our services into the global renewables market while capitalising on the companies’ shared competencies."
The financial details of the transaction, which is slated to be closed in the second quarter, were not disclosed.
Aqualis recently completed the acquisition of Tristein, a leading provider of marine operations for the offshore oil, gas and wind industries.