Norwegian biotechnology and marine consultancy service provider Aqualis has completed the acquisition of 100% of the shares in Aqualis Offshore for NOK70m ($11m).
Clavis Pharma, which was the parent company, had earlier approved the acquisition of Aqualis Offshore to venture into a new business.
Aqualis acting CEO Gunnar Manum said this acquisition represents a change in strategic direction for the company.
"We will now consist of a new major business area of specialist marine and engineering consultancy services to the offshore oil and gas industry, in addition to our existing healthcare activities," Manum added.
According to Aqualis, at an issue price of NOK1.60 per share, acquisition of the offshore marine and engineering consultancy group has been settled though the issue of 43.75 million shares.
Aqualis Offshore CEO David Wells said the company comprises offshore-experienced mariners and engineers who provide an integrated service.
"It means that the company can work directly for our clients on engineering or offshore projects, or operate as an independent third party on, for example, marine warranty, DP or due diligence jobs," Wells added.
Following the acquisition of Aqualis Offshore, the executive management team of Aqualis consists of acting CEO Gunnar Manum; CFO Christian Opsahl; Aqualis Offshore CEO David Wells; and healthcare CBO Ole Henrik Eriksen.
Aqualis Offshore focuses on shallow and deep-water offshore segments of the oil and gas industry.
The company’s core services include concept, FEED and basic design engineering for upgrades and conversion of jack-ups, FPSOs and rigs, marine warranty services, transportation and installation, rig moving, dynamic positioning among others.
Following the acquisition, Clavis Pharma will now change to Aqualis to reflect the company’s change in direction, while the existing pharmaceutical businesses will continue as a separate business unit within the company.
Image: Aqualis acquired 100% of the shares in Aqualis Offshore for $11m. Photo courtesy of suwatpo / FreeDigitalPhotos.net.