ADO, which is based in Haugesund and has 32 employees, is a leading provider of farming services to the aquaculture industry in Rogaland and Hordaland. The company currently operates 12 vessels, providing a range of services to the fish farming and offshore industry in Western Norway. In 2015 ADO had a turnover of NOK 87.0 million (£7.3m), net profits after tax of NOK 13.9 million (£1.2m) and total assets of NOK 47.8 million (£4m).
"The acquisition of AD Offshore AS is a natural step in AKVA group ASAs strategy to strengthen the position in the service segment to the aquaculture industry. We expect the market for farming services to the aquaculture industry to grow in the coming years as well as we will see a consolidation of the players. Through this acquisition AKVA group ASA will be well positioned to participate in this development. AD Offshore AS also holds significant synergies with our existing activity in this segment," states Trond Williksen, CEO of AKVA group ASA.
The transaction significantly strengthens AKVA's position in the farming service industry, an industry which is expected to grow in the years to come.
ADO’s key management figures Ansgar Østebøvik, Bjørn Schulz, Monica Antonsen and Jarle Birkeland, will continue in their roles after completion of the transaction.
Akva and the owners of ADO have also agreed a mutual option to buy/sell the remaining 42% of the shares in ADO, five years after the final completion of the deal, which is likely to be April 7th. The pricing of the remaining 42% of the shares is linked to the performance of the company over the next five calendar years.
Akva will finance the transaction with a loan from Danske Bank.