Aqualis makes Tristein acquisition

Aqualis ASA signed a memorandum of understanding (MoU) to acquire Tristein AS, a provider of marine operations for the offshore oil, gas and wind industries. The financial details of the transaction are undisclosed. 

“The combination of Aqualis Offshore and Tristein is a good match in the oil and gas sector,” David Wells, CEO of Aqualis Offshore said. “Additionally, Tristein possesses valuable expertise within the renewables and offshore wind segment. Combining the competence of Tristein and Aqualis Offshore will allow us to provide an even better service offering to our customers.”

Tristein, headquartered in Asker, Norway, with further offices in Kristiansund and Stavanger, currently employs 36 people, of which 16 are permanent staff. In 2013,

“Tristein is a highly-respected player on the Norwegian continental shelf. Its position within both offshore oil and gas and renewables is reflected in a number of long-term client relationships and frame agreements,”Wells said.

In less than nine months, Aqualis Offshore has established 10 offices in several of the world’s key oil and gas regions. The company is a specialized offshore marine and engineering consultancy firm that already employs more than 80 people.

The personnel of Tristein has long track record from the offshore industry, serving as mariners, offshore installation managers, offshore managers and logistic managers. The company operates through three main business areas: marine operations & logistics, engineering & survey, and renewable energy. Tristein is currently owned by the company’s management and key employees.

The majority of the final purchase consideration is expected to be settled in issued Aqualis ASA shares, subject to an extensive lock-up period. The proposed acquisition is subject to satisfactory financial, legal and operational due diligence, the signing of a definite share purchase agreement and final approval by the board of directors of Aqualis ASA.

The transaction is expected to be closed at the end of the first quarter or early in the second quarter of 2014.