23 May 2017

Bergen Group ASA acquires AAK Energy Services AS

Bergen Group ASA has entered into an agreement to purchase AAK Energy Services AS. The company is experts in advanced access technology related to maintenance and modification work.

AAK Energy Services AS on assignments on a ofshore installation

AAK Energy Services AS currently has around 60 employees, with a turnover of NOK 62 million in 2016.

CEO Hans Petter Eikeland Bergen Group is pleased with the acquisition of AAK Energy Services AS.

"We have signalled a targeted growth strategy that is basically based on the company's existing business areas. The acquisition of AAK Energy Services AS will provide us with complementary capacity and expertise as well as new market capabilities”, CEO Hans Petter Eikeland states, pointing out that AAK Energy Services with its more than 60 employees will provide Bergen Group with an attractive cutting edge expertise in planning and execution of work at the height and with complex access. This also includes assignments on oil and gas plants both on- and offshore, wind farms, road bridges and other infrastructure.

In February of this year, Bergen Group established a strategic cooperation with AAK Energy Services AS. Based on this, the headquarter and supporting facilities of AAK Energy Services AS has recently been relocated from Kokstad/Bergen to vacant premises at Bergen Group Services locations at Straume just outside Bergen.

“The collaboration these last month’s confirms that AAK Energy Services AS represents an important contribution to our existing business. We already see exciting synergies that will open up new markets for both parties. By purchasing the company now we aim to maximise the synergy effects and make the most of this potential, thus significantly contributing to a further strengthening of Bergen Group”, Eikeland concludes.

Managing Director Torgeir Nærø in AAK Energy Services AS looks forward to becoming a member of the Bergen Group in the near future.

"AAK Energy Services AS experiences a hectic spring season in which we have implemented both organizational and structural measures to strengthen profitability in the business. At the same time, we have experienced increased market interest for our services - also within new market areas. This is something we trust we will further strengthen when we become part of the Bergen Group, "says Torgeir Nærø, pointing out that in recent years the company has managed to position itself for various land-based projects, including technical and safety-related assignments in connection with maintenance of bridges

"We are confident that we will provide Bergen Group with additional skills and capacity to compete for demanding projects and assignments both in offshore, maritime and ship maintenance," says Torgeir Nærø.

The formal date of acquisition is expected within end of May 2017. Current owners of AAK Energy Services are AAK Group AS and AAK Investor AS. A detailed announcement about the transaction will be distributed no later than Monday, May 29, 2017, before stock market opening, in accordance with the requirements of Continuing Obligations for listed companies.

For further information:
CEO Hans Petter Eikeland in Bergen Group ASA, tel. +47 932 08 177 
Managing Director Torgeir Nærø, AAK Energy Services AS, tel. +47 922 00 778