Norway’s Akva Marine Services merges with local workboat operator

Photo: Abyss Group

Norwegian aquaculture support company AKVA Group and vessel operator Abyss Group have entered into an agreement to combine AKVA Marine Services with Abyss Group as a contribution in kind, with AKVA Group becoming a shareholder in the combined company.

Abyss Group specialises in providing workboats and subsea services for various local industries such as the aquaculture industry and even the oil and gas industry.

As part of the transaction, funds advised by Icon Capital will be invested in the combined company to allow further growth. The initial investment by Icon Capital will be NOK100 million (US$11.3 million) with further growth capital being available to the board of Abyss Group subject to certain conditions.

LIN, which is an existing investor in Abyss Group, will also provide additional capital, and AKVA group, Icon Capital and LIN will be represented on Abyss Group’s board together with the current main owner in Abyss Group.

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