AqualisBraemar LOC Continues Acquisition Spree, Buys East Point Geo
AqualisBraemar LOC Group is acquiring East Point Geo, a UK-based geoscience consultancy in the offshore and onshore renewable energy and oil and gas sectors.
AqualisBraemar LOC, which has entered into a definitive agreement to obtain 100 per cent of the share capital of East Point Geo Limited, said that this acquisition would strengthen its geoscience offering within the renewables industry and help achieve its objective of having 50 per cent of its revenues coming from renewables and sustainability oriented services by 2025.
After recently acquiring LOC Group with the purchase price of around EUR 16.5 million, AqualisBraemar LOC currently operates in the renewables industry through the offshore wind consultancy OWC, marine engineering company AqualisBraemar, engineering company Innosea, renewables marine warranty surveying company LOC, and renewables engineering services provider Longitude. The group’s services in the renewables sector include those for offshore wind, as well as for wave, tidal and floating solar energy projects.
East Point Geo’s turnover totalled approximately GBP 1.4 million (around EUR 1.6 million) in the last twelve months and predominantly came from renewable energy projects.
“East Point Geo has been a key partner to our rapidly growing renewables unit OWC across a number of offshore wind projects, and we have been continuously impressed with the quality of their delivery”, said David Wells, CEO of AqualisBraemar LOC. “Their complementary expertise enables us to offer a complete range of geoscience consultancy services to our clients, and provides additional growth opportunities particularly within renewables”.
In offshore wind, East Point Geo provided client representatives to oversee the Hornsea 3 & 4 offshore wind farm geophysical analogue and UHR surveys in the UK sector of the North Sea. The company was appointed for a similar job for the Hollandse Kust Zuid 1 & 2 offshore wind farm in the Netherlands. East Point Geo has also supported several offshore wind farm projects in the Taiwan Strait, providing a variety of geoconsulting services.