Moreld Group to pursue a listing on Norway’s Euronext Growth exchange

The listing will provide access to public capital markets and provide a liquid market for the shares, enabling the company to enhance visibility and market profile with investors, business partners, suppliers and customers.

Moreld CEO Geir Austigard says: “Since McIntyre Partners became the majority owner early this year, we have repositioned and grown the company. As a result, we have achieved an EBITDA over the last 12 months of over NOK 1 billion with over NOK 11 billion in contract backlog from blue-chip customers under multi-year contracts.”

Moreld has engaged Pareto Securities and Sparebank 1 Markets as advisors for the listing (the "Managers").

Moreld is a leading offshore engineering group servicing the energy and marine industries, with headquarters in Norway and global operations. Moreld has a 45-year history, and in recent years has experienced rapid growth, with almost 60% annual EBITDA growth since 2020, due to exposure to higher expenditure in the subsea construction and platform maintenance markets.

“Our asset-light business model results in strong cash flow generation and we intend to maintain moderate debt levels and hence we are well positioned to pay dividends, providing an attractive balance of growth and income for investors.”, says Austigard.

The Moreld Group has reached its goal of becoming a fully integrated supplier of offshore engineering services to the oil & gas, renewable and marine sectors, following the company’s recent acquisition of Ocean Installer. The group is now positioned to support its customers in implementing significant capex programmes in Norway and international markets, and to benefit from growing demand and a broader service range.

“With almost NOK 8 billion in revenue, the company has reached a sufficient scale to become a listed company in Norway, to benefit from access to capital and market visibility, and provide investors with exposure to our attractive business model and high growth markets”, says Austigard.

The Moreld Group is owned by investors and management, with McIntyre Partners owning approximately 45% while the management owns approximately 16%. As part of the listing process, a corporate reorganisation of the Moreld Group is contemplated to be carried out, so as to insert the Company as the listing entity owning 100% of the current parent company of the group, Aurora Group Plc, and all current owners of shares and warrants having their ownership rolled-up in the Company.

About Moreld:
Moreld is a multi-disciplinary engineering company providing a range of offshore services through 3 wholly owned subsidiaries: Apply, Ocean Installer and Global Maritime.

1. Apply provides maintenance & modification services on offshore oil & gas platforms in the Norwegian continental shelf, as well as servicing renewable projects, including carbon capture, hydrogen, and offshore wind. Apply has 1,850 employees across headquarters in Stavanger, Norway, branches in Bergen and Hammerfest and a subsidiary in Krakow, Poland.
2. Ocean Installer provides subsea installation services for offshore oil & gas developments. The company operates within the SURF, mooring, renewables and IRM segments. Ocean Installer has over 300 employees, of which ~50% are engineers, across headquarters in Stavanger, Norway, and with offices in Oslo, Aberdeen and Dubai.
3. Global Maritime is a marine, offshore and engineering consultancy supporting the energy transition in the offshore energy and marine industries, with c.45% of revenues derived from renewable projects. Global Maritime has a proven track-record of successful execution of complex marine and offshore projects.

For any more information please contact: 

CFO Trond Rosnes, mobile: +47 404 14 494 or mail: trond.rosnes@moreld.com.

 

Advisers:

Pareto Securities AS and Sparebank 1 Markets AS has been engaged as Managers in connection with the contemplated listing process. Wikborg Rein Advokatfirma AS is acting as legal counsel to the Company, while Advokatfirmaet Schjødt AS is acting as legal counsel to the Managers.  

IMPORTANT INFORMATION

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in  this announcement or its accuracy, fairness or completeness. The Managers or any of their respective affiliates or any of their respective directors, officers, employees, advisors or agents accepts   any   responsibility or liability whatsoever for, or makes  any representation or warranty,  express or  implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual  or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. This announcement has been prepared by and is the sole responsibility of the Company.

Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, New Zealand, Canada, Japan, Hong Kong, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer for sale of securities in the United States or any other jurisdiction. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any securities referred to herein in the United States or to conduct a public offering of securities in the United States.

Any offering of the securities referred to in this announcement, if made, will be made by means of a set of subscription materials provided to potential investors. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned subscription material. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e. only to investors who can receive the offer without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed at persons in  the United Kingdom that are "qualified  investors" within the meaning of the EU  Prospectus Regulation  as  it  forms  part  of English law by virtue of the European  Union (Withdrawal) Act 2018 and  that are (i) investment professionals falling  within Article  19(5) of the  Financial Services  and Markets Act 2000 (Financial  Promotion) Order  2005, as amended  (the "Order")  or (ii)  high net worth  entities, and  other persons  to whom  this announcement  may lawfully be communicated,  falling within  Article 49(2)(a) to  (d) of  the Order  (all such persons  together being referred  to as "relevant  persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The Managers and their respective affiliates are acting exclusively for the Company and no-one else in connection with any offering, if any such offering is made. They will not regard any other person than the Company as their respective clients and will not be responsible to anyone other than the Company, for providing the protections afforded to their respective clients, nor for providing advice in relation to any offering, if any such offering is made.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "aim", "expect", "anticipate", "intend", "evaluate", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company, the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.