ABL GROUP ASA

“The main reasons for the setback were lower utilisation and our activities in the renewable energy market (and especially offshore wind) experienced significant headwinds and we were too slow to adjust capacity (with the benefit of hindsight).”

Annual report 2024A · The company itself

“The renewable energy sector, particularly offshore wind, experienced a challenging year in 2024, marked by high capital costs, supply chain bottlenecks, and project delays.”

Annual report 2024A · The company itself

“Despite these near-term challenges, we believe the market has bottomed out, and long-term fundamentals remain strong.”

Annual report 2024A · The company itself

“Our main challenges going forward will be to maintain our sustainability goals and increase in renewables and energy transition services when market investment in renewables has slowed down and capital investors are more cautious, and decreasing investment from significant projects, such as offshore wind in the US.”

Annual report 2024A · The company itself

“On the other hand, we still believe in the long-term trajectory of renewables. The difficult task of management is to recognise and adjust to cyclical swings but to make sure we do not lose the long-term perspective and our key competence.”

Annual report 2024A · The company itself

““By harnessing our significant in-house expertise in renewable energy, wells and subsurface, marine, engineering and design – we continue to successfully diversify from our legacy in offshore wind and traditional renewable energy, to become a leading light in critical and emerging technology development. A recognised partner in international and high-profile research and development (R&D) projects, we increasingly forge a reputation as a trusted technical expert in innovative initiatives,” Energy Transition / PROJECT SPOTLIGHT ABL Group joins AquaVentus – North Sea Hydrogen Innovation Initiative ABL Group joined the pioneering green energy initiative AquaVentus – a project aimed at turbocharging innovation for the development of 10 GW of green hydrogen capacity from North Sea offshore wind by 2035.”

Annual report 2024A · The company itself

“Our main strategy to support growth of our renewables business is to invest internally from other parts of the business, recruit experts in key renewables disciplines, build renewable revenue targets into budgets, and appoint lead engineers in key energy transition disciplines.”

Annual report 2024A · The company itself

“Longitude is a key provider of niche design services, especially in the marine structures and transport and installation sectors and would like to expand its market presence as a multi-disciplinary engineering design consultancy globally in renewables. Longitude also has key knowledge of alternative fuels and can leverage this more in the maritime industry to support our sustainability goals.”

Annual report 2024A · The company itself

“ABL leverages our already existing Group track record and clients to expand into renewables markets outside MWS. ABL’s asset integrity management (AIM) arm is agnostic of industry and is growing due to innovation and track record of large and difficult projects with the hope to grow its services in renewables and energy transition.”

Annual report 2024A · The company itself

“We will continue to grow our renewables and energy transition services with a focus on driving efficiencies and growing revenue.”

Annual report 2024A · The company itself

“Specialised engineering, technical advisory and consultant for the commercial development of offshore and onshore renewable energy.”

Annual report 2024A · The company itself

“Our business Renewables Renewables ABL Group offers expert technical and engineering consultancy across all renewable energy markets, offshore and onshore, providing tailored support to clients across the lifecycle of a project, from concept through to construction and operations. Our track-record covers wind energy (onshore, fixed and floating), floating and ground-mount solar PV, battery energy storage systems (BESS), and wave and tidal.”

Annual report 2024A · The company itself

“ABL Group Renewable brands Delivering expert skills resourcing solutions to North Sea offshore wind markets, as well as expertise in marine operations and survey management via acquired company Ross Offshore – with a geotechnical survey vessel M/V Ross Eagle and geophysical survey vessel M/V Sunny Lady Renewables in Numbers +300 Wind Energy Projects +50 Floating Wind Projects +100 Solar PV Projects +80 Battery Energy Storage Systems (BESS) Projects +350 gw of Capacity RENEWABLES / Our Markets Offshore Wind Although in a more mature stage of development compared to other renewable energy technologies - offshore wind continues to bring new risks that investors, developers, insurers and EPCI companies must understand and contend with.”

Annual report 2024A · The company itself

“From emerging markets to new technologies, increasing dimensions, a supply chain in demand and cost pressures - across the Group, we have the services and experience to support your wind energy project from concept to life extension and decommissioning.”

Annual report 2024A · The company itself

“Onshore Win d Onshore wind power is widely established around the world, with substantial growth from 2009 to 2020, when global capacity reached more than 600 GW. The Group provides a wide range of independent engineering and consultancy services to support onshore wind from planning, construction through to operations and maintenance.”

Annual report 2024A · The company itself

“Despite turbulence in the offshore wind market, it was also the busiest year yet for offshore wind auctions. OWC played a key role, delivering proven success across multiple processes in the Americas, Europe and Asia Pacific.”

Annual report 2024A · The company itself

“Together ABL Group combines recognised practical experience across our markets with cutting-edge engineering and technical expertise, to provide turn-key and fit-for-purpose technical solutions to decarbonise our sectors. We bring a technical authority across the renewable energy landscape, covering wind energy, energy storage, solar PV and hydrogen among others, as well as an understanding of the challenges facing different segments of energy and oceans in transitioning to net-zero.”

Annual report 2024A · The company itself

“OWC is our renewables arm of ABL Group and is well positioned in the offshore wind and onshore renewables markets. In offshore wind, OWC has many repeat clients and a good reputation, especially as an Owner’s Engineering firm, and is known for being first in new markets and leveraging our experience in Europe into new regions.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles.”

Annual report 2024A · The company itself

“ABL Group is an early adopter in developing services for the energy transition (balancing the decline in the oil and gas industry), adding new service lines with high future demands due to climate risks (e.g. coastal dynamics modelling) and growing the renewables sector of the company.”

Annual report 2024A · The company itself

“Turnover The revenues (based mainly on externally invoiced data) related to “environmentally sustainable economic activities towards climate change mitigation” was deduced to be $3.6m . The projects that constituted this include: Research and evaluation challenges for carbon dioxide flow in pipelines when compared to Oil & Gas Numerous research and development projects in our renewables segment, that were performed, funded by national. international and multinational research funding bodies towards mitigation.”

Annual report 2024A · The company itself

“Supporting renewable energy insurers and operators in de-risking and driving sustainable solutions across the construction and operational stages of a project, with marine consultancy, marine assurance & risk, marine warranty survey, asset integrity and management services, and expert witness.”

Annual report 2024A · The company itself

“Dedicated renewable energy consultancy, providing technical advisory, engineering and consulting for the commercial-scale development of wind energy, solar PV, energy storage, wave and tidal energy technologies, onshore and offshore.”

Annual report 2024A · The company itself

“The utilisation of our own staff was only 64% in 2024, down from 68% in 2023. This deterioration in efficiency in 2024 makes a big difference to our profitability.”

Annual report 2024A · The company itself

“Opportunity S1 Own Workforce Social hazards in our offices arising from personnel behaviour: As a technical consultancy, people are at the heart of what we do. With this also comes the risk of social hazards in the workplace such as harassment, disagreements between individuals, and the potential of other dangerous situations affecting the wellbeing of our own workforce.”

Annual report 2024A · The company itself

“Our most important capital is our people and hence the most important resource to use efficiently.”

Annual report 2024A · The company itself

“Our investments in human capital are as critical and more important than our investments in technology and infrastructure.”

Annual report 2024A · The company itself

“Investing in our people is a key part of our sustainability goals and our strategy is to invest in internal training, our learning management system, our grading system, career development support and staff well-being, compensation and benefits, knowledge sharing, social and team-building activities, our talent management system, and succession planning.”

Annual report 2024A · The company itself

“This opportunity also carries financial benefit: in building our employees’ skills, we are further increasing the value of the services we can provide to our clients; this ideally leads to improved client satisfaction and the promise of continued work and revenues for ABL Group.”

Annual report 2024A · The company itself

“Risk Material impacts, risks and opportunities Value Chain Location Time Horizon Upstream Own Operations Downstream Short-term Medium-term Long-term Attracting new talent: As our business is so much about the people we employ in both technical and business support functions, ABL Group recognises a clear opportunity in improving our talent acquisition practices, along with the importance of employee retention. We recognise that with that comes a responsibility to boost employee motivation, prioritise diversity & inclusion (D&I), and to provide a safe and secure working environment for all.”

Annual report 2024A · The company itself

“All employees receive regular performance and career development reviews, in which individual development plans are defined including internal and external training opportunities, which begin with onboarding from day one. Training includes mandatory courses such as 'Code of Conduct' and 'Anti-Bribery & Corruption', business administration courses such as 'A Hiring Manager's Guide to Our Onboarding Process' and 'Finance and Accounting Training for Non-Finance Employees', technical courses reflecting the expert-work done within the different business segments of ABL Group, as well as broader skills development such as presenting, consulting, communication, sales and negotiating.”

Annual report 2024A · The company itself

“Attracting new talent As a consultancy company, ABL Group strives to improve talent acquisition activities as well as employee retention overall. We recognise that with that comes a responsibility to boost employee motivation, prioritise D&I, and to provide a safe and secure working environment for all.”

Annual report 2024A · The company itself

“Regulations will only contribute meaningfully to global climate improvements if they lead to the development of innovative, costeffective technologies.”

Annual report 2024A · The company itself

“The success of the energy transition hinges on balancing the energy quadrilemmaaffordability, security, profitability and sustainability.”

Annual report 2024A · The company itself

“Importantly, the acquisition also bolstered our growing footprint as the go-to consultant globally in key oil & gas energy transition technologies: carbon capture utilisation & storage (CCUS), as well as geothermal solutions. We now have a track-record across more than 50 such projects and counting.”

Annual report 2024A · The company itself

“CCUS and Geothermal AGR provides critical expertise in the engineering and consulting to support the analysis, design, application and operations of CCUS and geothermal technology.”

Annual report 2024A · The company itself

“Given our multi-disciplinary model and diverse geographic and sector exposures, we believe these transition risks are unlikely to substantially affect our business model or overall revenue goals, and this is considering a climate scenario in line with limiting global warming to 1.5°C. ABL Group is an early adopter in developing services for the energy transition (balancing the decline in the oil and gas industry), adding new service lines with high future demands due to climate risks (e.g. coastal dynamics modelling) and growing the renewables sector of the company.”

Annual report 2024A · The company itself

“When ABL Group was born out of AqualisBraemar’s acquisition of LOC in 2020, our commitment to drive the accelerated development of renewable energy and other carbon-reduction technologies, was at the core of our original vision. This same resolve stands firm today at the heart of our Group and is reflected in our evolved Group purpose to drive sustainability in energy and oceans. Our expanding sustainability and energy transition (S&ET) team are steadfast in our dedication to harnessing the deepest pool of engineering and technical expertise to support the growth of key transitioning technologies – all with a focus on driving the environmental sustainability in our sectors.”

Annual report 2024A · The company itself

“In supporting the energy transition, as it inevitably moves forward through shifting political landscapes and technological developments, we aim to position ABL Group as a flexible and resilient player, capable of thriving in any scenario.”

Annual report 2024A · The company itself

“For economic sustainability, we will establish excellence in our business development and sales growth functions, drive profitability to fund our renewables business, and achieve a high rate of strategic acquisitions.”

Annual report 2024A · The company itself

“Alex Harrison Group MD Energy Services a Word from the Director “ABL Energy Services saw growth in instructions in all service areas in 2024, with a noticeable rise in marine assurance and risk, as well as our consultancy and engineering services for dynamic positioning (DP) and critical systems. Although analyst predictions suggest a flat trend in upstream spending year on year in 2025, ABL continued to win a significant share of the large project development contracts with approaching USD 20 million of marine warranty survey (MWS) projects in oil & gas in the second half of the year alone.”

Annual report 2024A · The company itself

“Offshore spending is expected to increase in Brazil, the Middle East (excluding Saudi Arabia), Sub-Saharan Africa, and parts of Asia. National Oil Companies (NOCs) continue to lead investment growth, while International Oil Companies (IOCs) are trending lower.”

Annual report 2024A · The company itself

“Ole Rygg Group Managing Director - Wells a Word from the Director “2024 saw the strategic expansion of our wells and reservoir expertise with the acquisition of Ross Offshore – now merging into AGR. This move significantly expanded our core service offering in well management, engineering and decommissioning, reservoir management, operations geology and resourcing, whilst also diversifying our portfolio with marine operations and survey management.”

Annual report 2024A · The company itself

“Though ABL Group is active in some support activities related to petroleum and natural gas extraction, we are not active in the fossil fuel (coal, oil and gas) sector; this is to say we do not derive revenues from exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, storage and trade of fossil fuels as defined in Article 2, point (62), of Regulation (EU)2018/199 of the European Parliament and the Council.”

Annual report 2024A · The company itself

“ABL Group is a leading independent global consultancy delivering energy, marine, engineering & software solutions to drive safety and THE ABL GROUP FAMILY ABL Group ASA – A global brand family combining the deepest pool of expertise across energy, marine, engineering and digital disciplines to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset. Key Services Marine warranty survey (MWS) and Marine Assurance & Risk Energy & marine operations support Maritime services Key Services Wells & Reservoir Consulting Resource Solutions Software Marine Operations Key Services Renewables Consulting Owner's Engineering Technical Due Diligence Key Services Offshore Wind Design & Engineering Ship Design & Engineering Facilities & Subsea Engineering Marine Operations Engineering Global, independent energy, marine and engineering consultant working to de-risk and drive sustainability across projects and assets in Renewables, Maritime and Oil & Gas.”

Annual report 2024A · The company itself

“Multi-disciplinary engineering consultancy and software provider specialising in wells and reservoirs.”

Annual report 2024A · The company itself

“The Energy and Marine Consultants – offering expert energy and marine consultancy services at construction and operational phases of an oil & gas project. Specialising in rigs, marine assurance and risk, marine warranty survey and asset integrity management.”

Annual report 2024A · The company itself

“The multi-disciplined engineering consultancy, skills resourcing, software and survey provider, specialising in wells, reservoirs and marine operations.”

Annual report 2024A · The company itself

“The design and engineering consultants providing specialist solutions and services for facilities and subsea infrastructure, as well as marine operations engineering.”

Annual report 2024A · The company itself

“The Group is the market leader in marine warranty survey (MWS) on offshore T&I operations for upstream infrastructure, with a long track-record in providing technical support to some of the world’s most high-profile and complex production platforms and floating infrastructures.”

Annual report 2024A · The company itself

“Via our engineering consultancy and design house, Longitude, the Group has extensive experience in both design and conversion engineering of FPSOs and other floating structures, and marine operations engineering relating to floating structures. ABL’s track record in floating structures also extends beyond T&I into asset integrity management and OPEX-services.”

Annual report 2024A · The company itself

“Midstream ABL Group’s oil & gas specialists have been at the forefront of offshore midstream development for over 20 years. Our teams of marine and engineering consultants include specialists in subsea pipeline engineering and SURF technology, with project experience covering some of the world’s most high-profile and complex subsea pipeline installation projects.”

Annual report 2024A · The company itself

“World-leaders in marine warranty survey for pipeline installation, we have an in-depth practical and theoretical understanding of key challenges in pipeline projects and we are able to provide comprehensive risk-mitigation strategies. We also offer a range of other marine assurance and risk services, engineering and consulting, to support pipeline work at different project stages, including with removal operations at decommissioning.”

Annual report 2024A · The company itself

“AGR’s services include consultancy in well construction, drilling engineering, procurement, supply chain management, and operational supervision of the drilling.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles.”

Annual report 2024A · The company itself

“Turnover The revenues (based mainly on externally invoiced data) related to “environmentally sustainable economic activities towards climate change mitigation” was deduced to be $3.6m . The projects that constituted this include: Research and evaluation challenges for carbon dioxide flow in pipelines when compared to Oil & Gas Numerous research and development projects in our renewables segment, that were performed, funded by national. international and multinational research funding bodies towards mitigation.”

Annual report 2024A · The company itself

“ABL Group has been providing technical and consultancy services to support every stage of a lifecycle of an oil & gas project since 1979. The market-leader in marine warranty survey, and with a trusted reputation as a world-class provider of engineering and consultancy services to support rigs, wells and reservoirs, the Group’s long track-record covers every type of offshore oil & gas project and asset.”

Annual report 2024A · The company itself

“Natural gas is the fastest-growing fossil fuel at over 20% of the global energy mix, with the incentives it can offer as a ‘transition’ fuel as the lowest emitter of greenhouse gases compared to oil and coal.”

Annual report 2024A · The company itself

“As a result, the demand for global LNG is projected to continue to grow. ABL has stayed ahead of this market growth, by supporting as MWS on a number of the world’s most significant LNG developments, including Ichthys, Gorgon and LNG Canada.”

Annual report 2024A · The company itself

“Alex Harrison Group MD Energy Services a Word from the Director “ABL Energy Services saw growth in instructions in all service areas in 2024, with a noticeable rise in marine assurance and risk, as well as our consultancy and engineering services for dynamic positioning (DP) and critical systems. Although analyst predictions suggest a flat trend in upstream spending year on year in 2025, ABL continued to win a significant share of the large project development contracts with approaching USD 20 million of marine warranty survey (MWS) projects in oil & gas in the second half of the year alone.”

Annual report 2024A · The company itself

“Offshore spending is expected to increase in Brazil, the Middle East (excluding Saudi Arabia), Sub-Saharan Africa, and parts of Asia. National Oil Companies (NOCs) continue to lead investment growth, while International Oil Companies (IOCs) are trending lower.”

Annual report 2024A · The company itself

“Ole Rygg Group Managing Director - Wells a Word from the Director “2024 saw the strategic expansion of our wells and reservoir expertise with the acquisition of Ross Offshore – now merging into AGR. This move significantly expanded our core service offering in well management, engineering and decommissioning, reservoir management, operations geology and resourcing, whilst also diversifying our portfolio with marine operations and survey management.”

Annual report 2024A · The company itself

“Though ABL Group is active in some support activities related to petroleum and natural gas extraction, we are not active in the fossil fuel (coal, oil and gas) sector; this is to say we do not derive revenues from exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, storage and trade of fossil fuels as defined in Article 2, point (62), of Regulation (EU)2018/199 of the European Parliament and the Council.”

Annual report 2024A · The company itself

“ABL Group is a leading independent global consultancy delivering energy, marine, engineering & software solutions to drive safety and THE ABL GROUP FAMILY ABL Group ASA – A global brand family combining the deepest pool of expertise across energy, marine, engineering and digital disciplines to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset. Key Services Marine warranty survey (MWS) and Marine Assurance & Risk Energy & marine operations support Maritime services Key Services Wells & Reservoir Consulting Resource Solutions Software Marine Operations Key Services Renewables Consulting Owner's Engineering Technical Due Diligence Key Services Offshore Wind Design & Engineering Ship Design & Engineering Facilities & Subsea Engineering Marine Operations Engineering Global, independent energy, marine and engineering consultant working to de-risk and drive sustainability across projects and assets in Renewables, Maritime and Oil & Gas.”

Annual report 2024A · The company itself

“The Group is the market leader in marine warranty survey (MWS) on offshore T&I operations for upstream infrastructure, with a long track-record in providing technical support to some of the world’s most high-profile and complex production platforms and floating infrastructures.”

Annual report 2024A · The company itself

“Via our engineering consultancy and design house, Longitude, the Group has extensive experience in both design and conversion engineering of FPSOs and other floating structures, and marine operations engineering relating to floating structures. ABL’s track record in floating structures also extends beyond T&I into asset integrity management and OPEX-services.”

Annual report 2024A · The company itself

“Midstream ABL Group’s oil & gas specialists have been at the forefront of offshore midstream development for over 20 years. Our teams of marine and engineering consultants include specialists in subsea pipeline engineering and SURF technology, with project experience covering some of the world’s most high-profile and complex subsea pipeline installation projects.”

Annual report 2024A · The company itself

“World-leaders in marine warranty survey for pipeline installation, we have an in-depth practical and theoretical understanding of key challenges in pipeline projects and we are able to provide comprehensive risk-mitigation strategies. We also offer a range of other marine assurance and risk services, engineering and consulting, to support pipeline work at different project stages, including with removal operations at decommissioning.”

Annual report 2024A · The company itself

“AGR’s services include consultancy in well construction, drilling engineering, procurement, supply chain management, and operational supervision of the drilling.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles.”

Annual report 2024A · The company itself

“Turnover The revenues (based mainly on externally invoiced data) related to “environmentally sustainable economic activities towards climate change mitigation” was deduced to be $3.6m . The projects that constituted this include: Research and evaluation challenges for carbon dioxide flow in pipelines when compared to Oil & Gas Numerous research and development projects in our renewables segment, that were performed, funded by national. international and multinational research funding bodies towards mitigation.”

Annual report 2024A · The company itself

“Whilst a significant number of recent projects have been for the construction of LNG export facilities, we have also provided our services to petrochemical, mining and power projects, and for major civil infrastructure projects such as bridges, ports and harbour complexes.”

Annual report 2024A · The company itself

“Within the maritime market, we expect to retain our strong position.”

Annual report 2024A · The company itself

“Our purpose needs to be more heavily embedded and seen in the business and externally, so we are including strategic initiatives to focus on driving sustainability in energy and oceans.”

Annual report 2024A · The company itself

“Independent engineering, design and analysis consultants working across marine markets: Renewables, Oil & Gas, Maritime, Small Craft & Defence and Infrastructure.”

Annual report 2024A · The company itself

“Since then, it has evolved to become a worldleading provider of marine and engineering consultancy services to the maritime industry supporting in pre and post-loss scenarios.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles.”

Annual report 2024A · The company itself

“ABL Group has a maritime legacy spanning more than 150 years since the establishment of The Salvage Association. In bringing together the trusted reputations and expertise of AqualisBraemar and LOC, the Group is the leading market provider of loss prevention, loss management and engineering and consulting services to the global maritime industry.”

Annual report 2024A · The company itself

“Shipping ABL's expert team supports international shipping with a full range of engineering and consulting, loss prevention and loss management services.”

Annual report 2024A · The company itself

“Ports and Harbours Ports are critical infrastructure not only to the global maritime community, but to the global transport ecosystem. The offshore energy industry also relies heavily on port infrastructure and availability for through-life support, from construction through to operations and production.”

Annual report 2024A · The company itself

“Sustainability & Energy Transition / Our Services Emissions Consulting ABL provides digital and consultancy solutions to support primarily port, maritime and marine assets in the audit, assessment and abatement (AAA) of their greenhouse gas (GHG) emissions.”

Annual report 2024A · The company itself

“We will continue to grow our renewables and energy transition services with a focus on driving efficiencies and growing revenue.”

Annual report 2024A · The company itself

“Specialised engineering, technical advisory and consultant for the commercial development of offshore and onshore renewable energy.”

Annual report 2024A · The company itself

“Our business Renewables Renewables ABL Group offers expert technical and engineering consultancy across all renewable energy markets, offshore and onshore, providing tailored support to clients across the lifecycle of a project, from concept through to construction and operations. Our track-record covers wind energy (onshore, fixed and floating), floating and ground-mount solar PV, battery energy storage systems (BESS), and wave and tidal.”

Annual report 2024A · The company itself

“Together ABL Group combines recognised practical experience across our markets with cutting-edge engineering and technical expertise, to provide turn-key and fit-for-purpose technical solutions to decarbonise our sectors. We bring a technical authority across the renewable energy landscape, covering wind energy, energy storage, solar PV and hydrogen among others, as well as an understanding of the challenges facing different segments of energy and oceans in transitioning to net-zero.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles.”

Annual report 2024A · The company itself

“Turnover The revenues (based mainly on externally invoiced data) related to “environmentally sustainable economic activities towards climate change mitigation” was deduced to be $3.6m . The projects that constituted this include: Research and evaluation challenges for carbon dioxide flow in pipelines when compared to Oil & Gas Numerous research and development projects in our renewables segment, that were performed, funded by national. international and multinational research funding bodies towards mitigation.”

Annual report 2024A · The company itself

“Dedicated renewable energy consultancy, providing technical advisory, engineering and consulting for the commercial-scale development of wind energy, solar PV, energy storage, wave and tidal energy technologies, onshore and offshore.”

Annual report 2024A · The company itself

“Headed up by Rubin Sidhu, Managing Director for Onshore Renewables at OWC Americas, the team brings expertise in supporting equity investments, mergers & acquisitions (M&A), and technical due diligence in wind energy, solar PV, battery energy storage systems (BESS). international maritime, experience counts.”

Annual report 2024A · The company itself

“OWC has a strong track record of 110 Gigawatts (GW) in 2.5 years under our onshore renewables division which is predominantly focused on technical due diligence (TDD) and other consultancy services serving the battery storage, solar, and onshore wind industries.”

Annual report 2024A · The company itself

“Profit and loss Total operating revenues increased by 23% to USD 309.6 million in 2024 compared to USD 251.2 million in 2023. The increase in revenues was primarily driven by the acquisition of Ross Offshore.”

Annual report 2024A · The company itself

“By prioritising operational excellence and disciplined capital allocation, our aim is to strengthen our competitive moat. Our established market presence in global niches provides a solid foundation, and we continue to explore strategic mergers and acquisitions to enhance our capabilities and market share.”

Annual report 2024A · The company itself

“In 2024, we successfully acquired two companies - Ross Offshore and Hidromod, and anounced the acquisition of Proper Marine and Techconsult, both to complete in early 2025 - using existing cash reserves and bank loans exclusively.”

Annual report 2024A · The company itself

“Probably the most important new technology or competence source for the Group is our M&A in addition to our R&D.”

Annual report 2024A · The company itself

“Our target is a ROCE of 20% over time with cyclical swings around this figure.”

Annual report 2024A · The company itself

“We will continue to be active in the consolidation and restructuring of our industry and remain focused on value creation for all our stakeholders; customers, employees and shareholders. The active pursuit of strategic and value creating acquisitions allows us to make large strides in positioning the Group in attractive markets, and to become the leading independent global energy and marine consultancy.”

Annual report 2024A · The company itself

“Therefore, we have amended the strategy to include a focus on increasing market share and growing revenue both organically and inorganically through cross-selling and targeted M&A to increase our sustainability and energy transition services.”

Annual report 2024A · The company itself

“Our business Renewables Renewables ABL Group offers expert technical and engineering consultancy across all renewable energy markets, offshore and onshore, providing tailored support to clients across the lifecycle of a project, from concept through to construction and operations. Our track-record covers wind energy (onshore, fixed and floating), floating and ground-mount solar PV, battery energy storage systems (BESS), and wave and tidal.”

Annual report 2024A · The company itself

“Energy Storage As renewable energy development accelerates at pace across much of the world, energy storage solutions (ESS) are crucial to balancing supply and demand to mitigate against the variability of green energy production. ESS is proven to be vital in shoring up the stability of electricity. The Group provides expertise in a range of ESS: battery energy storage systems (BESS), compressed air, pumped hydro and hydrogen for energy storage.”

Annual report 2024A · The company itself

“This includes the significant expertise provided by OWC in the development and expansion of BESS technology.”

Annual report 2024A · The company itself

“Dedicated renewable energy consultancy, providing technical advisory, engineering and consulting for the commercial-scale development of wind energy, solar PV, energy storage, wave and tidal energy technologies, onshore and offshore.”

Annual report 2024A · The company itself

“Headed up by Rubin Sidhu, Managing Director for Onshore Renewables at OWC Americas, the team brings expertise in supporting equity investments, mergers & acquisitions (M&A), and technical due diligence in wind energy, solar PV, battery energy storage systems (BESS). international maritime, experience counts.”

Annual report 2024A · The company itself

“OWC has a strong track record of 110 Gigawatts (GW) in 2.5 years under our onshore renewables division which is predominantly focused on technical due diligence (TDD) and other consultancy services serving the battery storage, solar, and onshore wind industries.”

Annual report 2024A · The company itself

“Environmental regulations and calls for the development of green shipping corridors require ports to review their emissions and assess feasible solutions to decarbonise.”

Annual report 2024A · The company itself

“Longitude is a key provider of niche design services, especially in the marine structures and transport and installation sectors and would like to expand its market presence as a multi-disciplinary engineering design consultancy globally in renewables. Longitude also has key knowledge of alternative fuels and can leverage this more in the maritime industry to support our sustainability goals.”

Annual report 2024A · The company itself

“It has a spealised in-house vessel design bureau, with a track record of over 100 vessels constructed to its designs, and is a leading provider of engineering services in alternative fuel applications for maritime decarbonisation.”

Annual report 2024A · The company itself

“From feasibility and technical due diligence, navigational planning, early engineering, vessel design and modifications including alternative fuel engineering.”

Annual report 2024A · The company itself

“Combining ABL’s marine expertise with Longitude’s reputation in ship design, ABL Group is also a leading provider of clean shipping solutions, via electrification and renewable energy hybridisation.”

Annual report 2024A · The company itself

““By harnessing our significant in-house expertise in renewable energy, wells and subsurface, marine, engineering and design – we continue to successfully diversify from our legacy in offshore wind and traditional renewable energy, to become a leading light in critical and emerging technology development. A recognised partner in international and high-profile research and development (R&D) projects, we increasingly forge a reputation as a trusted technical expert in innovative initiatives,” Energy Transition / PROJECT SPOTLIGHT ABL Group joins AquaVentus – North Sea Hydrogen Innovation Initiative ABL Group joined the pioneering green energy initiative AquaVentus – a project aimed at turbocharging innovation for the development of 10 GW of green hydrogen capacity from North Sea offshore wind by 2035.”

Annual report 2024A · The company itself

“Together ABL Group combines recognised practical experience across our markets with cutting-edge engineering and technical expertise, to provide turn-key and fit-for-purpose technical solutions to decarbonise our sectors. We bring a technical authority across the renewable energy landscape, covering wind energy, energy storage, solar PV and hydrogen among others, as well as an understanding of the challenges facing different segments of energy and oceans in transitioning to net-zero.”

Annual report 2024A · The company itself

“Power-to-x, Hydrogen and Derivatives With a varied track-record across more than 40 projects, ABL Group companies ABL, OWC and Longitude, combine to provide expert marine, design and engineering consulting to support projects for roadmaps and goto-market strategies, production, storage and transportation, consumption and application projects.”

Annual report 2024A · The company itself

“Inputs for Ross Offshore include vessels and associated inputs, and the vessel owner receives these for ABL Group’s use. The associated inputs are gasoline, remote offshore vehicles (ROVs) and geoscience equipment, liquefied natural gas, and marine urea.”

Annual report 2024A · The company itself

“Our Services Onshore In recent years, very large construction projects are being executed with worldwide procurement strategies requiring significant marine transportation campaigns to bring high-value items such as modules, pre-assembled units (PAUs), vessels, equipment and other materials from their place of fabrication / supply to the final site location. Such projects include multiple loadout, transportation and offloading operations occurring simultaneously in multiple locations. With our expansive global network of marine and engineering surveyors, and effective centralised project management systems, we are able to provide seamless MWS, marine assurance and risk, engineering and consulting services to support onshore projects with the most complex global supply chains.”

Annual report 2024A · The company itself

“Marine operations management covers pre-lay, rig move and mooring, subsea/IMR/ROV work, offshore quality assurance, vessel vetting and inspection, procurement and cost control of marine operations, rig intake and vessel management. The geophysical and geotechnical site survey management service includes the use of on-contract multi-purpose vessels M/V Sunny Lady and M/V Ross Eagle – both fully fitted out to meet the latest and highest operational standards for integrated surveys and geotechnical management.”

Annual report 2024A · The company itself

“Our purpose needs to be more heavily embedded and seen in the business and externally, so we are including strategic initiatives to focus on driving sustainability in energy and oceans.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles.”

Annual report 2024A · The company itself

“Key Characteristics of a Day One Company are: Customer Obsession: Prioritising customer needs and striving to deliver exceptional value and experiences. Especially, any technology and business practice that lowers the cost to our client and/or increases their revenue potential are the key focus and selling point to existing and new clients of the Group.”

Annual report 2024A · The company itself

“Probably the most important new technology or competence source for the Group is our M&A in addition to our R&D.”

Annual report 2024A · The company itself

“ABL Group is a leading independent global consultancy delivering energy, marine, engineering & software solutions to drive safety and THE ABL GROUP FAMILY ABL Group ASA – A global brand family combining the deepest pool of expertise across energy, marine, engineering and digital disciplines to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset. Key Services Marine warranty survey (MWS) and Marine Assurance & Risk Energy & marine operations support Maritime services Key Services Wells & Reservoir Consulting Resource Solutions Software Marine Operations Key Services Renewables Consulting Owner's Engineering Technical Due Diligence Key Services Offshore Wind Design & Engineering Ship Design & Engineering Facilities & Subsea Engineering Marine Operations Engineering Global, independent energy, marine and engineering consultant working to de-risk and drive sustainability across projects and assets in Renewables, Maritime and Oil & Gas.”

Annual report 2024A · The company itself

“Our clients will benefit from increased business lines and geographies to greater serve their needs, especially in the energy transition and renewables spaces.”

Annual report 2024A · The company itself

“Though ABL Group is active in some support activities related to petroleum and natural gas extraction, we are not active in the fossil fuel (coal, oil and gas) sector; this is to say we do not derive revenues from exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, storage and trade of fossil fuels as defined in Article 2, point (62), of Regulation (EU)2018/199 of the European Parliament and the Council.”

Annual report 2024A · The company itself

“Defence The Group is a well-known and trusted provider of marine and engineering consulting services to the maritime defence sector.”

Annual report 2024A · The company itself

“ABL Group is an early adopter in developing services for the energy transition (balancing the decline in the oil and gas industry), adding new service lines with high future demands due to climate risks (e.g. coastal dynamics modelling) and growing the renewables sector of the company.”

Annual report 2024A · The company itself

“Energy efficiency: though ABL Group encourages energy efficiency in our policies described above, we have not quantified the achieved or expected GHG emissions reductions related to this b.”

Annual report 2024A · The company itself

“Supporting renewable energy insurers and operators in de-risking and driving sustainable solutions across the construction and operational stages of a project, with marine consultancy, marine assurance & risk, marine warranty survey, asset integrity and management services, and expert witness.”

Annual report 2024A · The company itself

“The transaction added 90+ highly skilled professionals to Longitude's global team and increased the design and engineering capacity to support South, Central and North America. Proper Marine also brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the Group's overall technical offering in this area.”

Annual report 2024A · The company itself

“Hidromod’s AquaSafe software is a subscription-based digital decision support system, designed to enhance efficiencies in offshore, coastal and inland projects.”

Annual report 2024A · The company itself

““We continued to show our technical authority in global marine casualty management, with expert opinions on highly topical challenges in the industry, from maritime risks in the Red Sea, to navigating the disruptions in the Panama Canal, and exploring ongoing challenges to the LOF and LSAC for the salvage industry.”

Annual report 2024A · The company itself

“Business discontinuity Operating in volatile sectors such as the Oil & Gas and the Maritime business and sectors with high governmental support or regulation, ABL Group has been and is exposed to risks coming from market fluctuations and political changes. To mitigate this risk, ABL Group has continued in 2024 to diversify in terms of countries to operate in and the spread of sectors across those countries and regions to balance out country or sector-specific fluctuations and to ensure business continuity and overall financial stability.”

Annual report 2024A · The company itself

“Risk G1 Business conduct Legal non-compliances arising from corruption and/or bribery: The nature of ABL Group’s business and having operations all over the world, particularly in some countries at higher risk of corruption and bribery mean that we have identified a potential negative impact when it comes to these topics. ABL Group is aware of and takes very seriously the potential negative impacts that corruption and bribery could lead to including environmental damage, increased costs for our clients, and unfair competition.”

Annual report 2024A · The company itself

“In regions or industries considered high-risk, such as China and Saudi Arabia, these policies are particularly relevant and applicable.”

Annual report 2024A · The company itself

“ABL Group is market dependent to provide consultancy services to our clients and fill the gaps in the supply chain that our clients cannot do internally, so as market conditions shift, we must shift with their priorities.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles. These cycles come with a risk of market fluctuations, which carries the risk of secured employment for our staff, which also carries financial risk for our employees and in turn, our business, as this has the potential to negatively impact employee retention and decrease revenue.”

Annual report 2024A · The company itself

“Business discontinuity Operating in volatile sectors such as the Oil & Gas and the Maritime business and sectors with high governmental support or regulation, ABL Group has been and is exposed to risks coming from market fluctuations and political changes. To mitigate this risk, ABL Group has continued in 2024 to diversify in terms of countries to operate in and the spread of sectors across those countries and regions to balance out country or sector-specific fluctuations and to ensure business continuity and overall financial stability.”

Annual report 2024A · The company itself

“While market sentiment reflected both recalibration and resilience, the near-term outlook remains uncertain due to economic pressures and shifting policy landscapes, pushing long-term interest rates back up towards the 10-year highs observed in late 2023 and early 2024. This environment negatively impacts market visibility and increases short-term risk.”

Annual report 2024A · The company itself

“Our main challenges going forward will be to maintain our sustainability goals and increase in renewables and energy transition services when market investment in renewables has slowed down and capital investors are more cautious, and decreasing investment from significant projects, such as offshore wind in the US.”

Annual report 2024A · The company itself

“Opportunity Breaches of IP and data confidentiality (Entity-specific topic): Digitalised solutions bring risks of unauthorised access to internal and external data, standards and software, along with the risk of breaches of intellectual property rights.”

Annual report 2024A · The company itself

“Risk Breaches of IP and data confidentiality (Entity-specific topic): ABL Group is not only concerned with data confidentiality when it comes to our own workforce - we also prioritise and take very seriously data belonging to our suppliers and clients to prevent any impact to their privacy and individual rights.”

Annual report 2024A · The company itself

“Breaches of IP and data confidentiality - Cyber Security Enhancement ABL-Group had no Breaches of IP and Data Confidentiality from data belonging to its own personnel.”

Annual report 2024A · The company itself

“In regions or industries considered high-risk, such as China and Saudi Arabia, these policies are particularly relevant and applicable.”

Annual report 2024A · The company itself

“OWC has a strong breadth of services for offshore wind, including other parts of ABL Group, and the aim is to expand, especially in China, Independent Engineering and Technical Due Diligence services, fill gaps in the workforce, and increase market share as competitors reduce investment into renewables.”

Annual report 2024A · The company itself

“Our clients’ needs and expectations are to provide sustainable products and services and driving positive social and environmental change.”

Annual report 2024A · The company itself

“It is becoming increasingly common that invitations to tender (ITT) and pre-qualification questionnaires (PQQs) request detailed information about our sustainability initiatives.”

Annual report 2024A · The company itself

“In total, ABL has supported 113 rig moves offshore India as Tow Master / MWS within this season from September 2023 to May 2024. The combined total distance travelled for all rigs was 5,477 nautical miles.”

Annual report 2024A · The company itself

“ABL to Provide Marine Warranty Survey for Romania’s Neptun Deep Project Deepwater Drilling Operations on Track in West-Africa AGR is providing well management consultancy for the exploration well – the Atum-1X deepwater well, off the coast of Guinea-Bissau, West Africa.”

Annual report 2024A · The company itself

“OWC has an established foothold in UK and South Africa and other key regions with a diverse technology mix with the aim to continue to serve our clients well and support their energy transition to net-zero.”

Annual report 2024A · The company itself

“With a presence in 41 countries, and employing 1212 staff across 64 offices, ABL Group serves clients all over the world.”

Annual report 2024A · The company itself

“Employees in EEA covered by collective bargaining agreement This percentage was calculated dividing the number of Ross Offshore (one of our Norwegian brands) employees by the total number of employees and multiplying by 100.”

Annual report 2024A · The company itself

“Romania’s OMV Petrom appointed ABL as marine warranty surveyor (MWS) for the construction of the country’s Neptun Deep Gas Field Project in the Black Sea. The Neptun Deep project is the largest natural gas project in the Romanian Black Sea. Production is expected to start in 2027 contributing to the region’s energy security.”

Annual report 2024A · The company itself

“OWC has an established foothold in UK and South Africa and other key regions with a diverse technology mix with the aim to continue to serve our clients well and support their energy transition to net-zero.”

Annual report 2024A · The company itself

“Electrification; fuel switching; use of renewable energy: we have limited control over assets/services which our buildings use, as we lease all offices we use c.”

Annual report 2024A · The company itself

“Accredited by prestigious bodies like RINA, IMarEST, and ICE, accredit this four-year programme which offers participants a chance to undertake four placements in different global ABL Group locations, currently involving 22 professionals across 12 locations.”

Annual report 2024A · The company itself