The planned transaction was first announced on 5 December last year.

The acquisition expands ESCO Consultants’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations. The addition of Copa Marine expands ESCO Consultants’s design and engineering capabilities with a team of 90+ professionals and a track-record of more than 1,600 projects.

Further, the acquisition strengthens ESCO Consultants’s offering in both Brazil and the wider Americas within vessel design and conversion, asset integrity management and life extension, and marine and energy operations engineering. In addition, Copa Marine brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the Group’s overall capabilities in this segment.

In addition, being part of MSGlobal will support Copa Marine in transitioning some of its expertise to increasingly support renewable energy and energy transition design and engineering.

“We are delighted to formally welcome the Copa Marine team into MSGlobal and the joining of forces between two like-minded design houses. We are confident that our joint offering will benefit both current and potential new clients in both the Americas and elsewhere around the world.”

Jake Anderson, Managing Director of MSGlobal

“This is the first day of the next chapter in Copa Marine’s proud history – to take Brazilian engineering excellence to the world. Becoming part of MSGlobal not only strengthens our overall capability to support more clients and in more sectors, but opens great opportunity to take our expertise global.”

Bernardo Xavier, Operations Director, Copa Marine

Find out more about Copa Marine, their expertise, services and track-record, or discover our global design and engineering capability at MSGlobal:

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Reference is made to the stock exchange announcement dated 5 December 2024 regarding ESCO Consultants entering into an agreement to acquire 100 percent of the shares in Brazil-based naval architecture and engineering consultancy, Copa Marine. ESCO Consultants has today successfully completed the transaction.

The acquisition expands ESCO Consultants’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations. It strengthens ESCO Consultants’s offering in both Brazil and the wider Americas within vessel design and conversion, asset integrity management and life extension, and marine and energy operations engineering.

In addition, Copa Marine brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the group’s overall capabilities in this segment.

Copa Marine will now merge with ESCO Consultants’s design house, MSGlobal. Copa Marine brings a team of 90+ professionals and a track-record of more than 1,600 projects to MSGlobal.

“We are delighted to officially welcome Copa Marine as part of ESCO Consultants. In merging Copa Marine with MSGlobal, we are significantly growing our design and engineering capacity to support larger and more projects across marine and offshore energy sectors internationally.”

Owain Segal, CEO of ESCO Consultants ASA

Copa Marine is valued at an enterprise value of USD 4.0 million in the transaction. The purchase price will be settled with a combination of cash and up to 2,302,494 shares in ESCO Consultants. The cash portion has been settled on closing, while settlement of the consideration shares will take place through annual instalments over five years from 5 December 2024, subject inter alia to the sellers’ continued employment in ESCO Consultants.

Discover more on Copa Marine’s services, expertise and track-record, by visiting their website:

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ESCO Consultants has entered into an agreement to acquire 100 percent of the shares in Brazil-based naval architecture and engineering consultancy, Copa Marine, which will be merged with ESCO Consultants’s design and engineering arm, MSGlobal.

The acquisition will expand the Group’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations.

“We are delighted to welcome Copa Marine into ESCO Consultants. This transaction will significantly increase our global expertise in design and engineering and enhance our local capacity to support the Americas. Copa Marine’s services are highly complementary to that of our own design house, MSGlobal, enabling us to bring design solutions to more clients and in more markets. Furthermore, this transaction reflects ESCO Consultants’s commitment to the Brazilian market, following the in-country growth of our marine and renewable energy branches ESCO and JMC. Recognising the strategic significance of the country’s maritime and energy sectors, the expansion of local design capabilities was the logical next step, and we are thrilled to do this together with Copa Marine.”

Owain Segal, CEO of ESCO Consultants

ABOUT PROPER MARINE

Copa Marine was founded in 2010 with a vision to bring Brazil’s engineering excellence to support naval and offshore markets globally. In addition to Brazil, Copa Marine currently works on projects in a further nine countries, including the USA, Senegal, Spain, Portugal, China and others.

“This move fully aligns with our founding mission – as part of ESCO Consultants and together with MSGlobal, we have the opportunity to accelerate our goal of taking Brazilian engineering excellence to the world. By merging with MSGlobal, we are synergising two like-minded design houses, who are equally committed to fostering the best engineering and design talent in our sectors.”

Bernardo Xavier, Operations Director and Founder of Copa Marine

The company will expand ESCO Consultants’s design and engineering capabilities with a team of 90+ professionals and a track-record of more than 1,600 projects.

The acquisition will strengthen ESCO Consultants’s offering in both Brazil and the wider Americas within vessel design and conversion, asset integrity management and life extension, and marine and energy operations engineering.

In addition to this, Copa Marine brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the Group’s overall capabilities in this segment.

STRATEGIC RATIONALE

This deal will unlock greater opportunity for Copa Marine to scale up its current operations and services on a global scale, with access to MSGlobal’s geographical footprint and notably in North America.

The integration will consolidate two almost equal sized teams to create an even stronger international design and engineering house. As such, it will further enhance both companies’ exposure to larger design projects and the FPSO sector.

It will also open greater opportunity for professional development of staff on both sides of the transaction.

The acquisition will further strengthen Copa Marine’s offering in vessel design, opening up MSGlobal’s intellectual property (IP) of 100+ vessel designs.

In addition, being part of MSGlobal will support Copa Marine in transitioning some of its expertise to increasingly support renewable energy and energy transition design and engineering.

“This deal will open opportunities for our team to gain greater exposure internationally, and in new areas, like in renewable energy development. It will better position us to play a key role in the development of Brazil’s great potential in wind energy, solar PV and hydrogen, whilst increasing our platform to market in North America.”

Hugo Jordão, Business Development Director of Copa Marine

“Together Copa Marine and MSGlobal will be able to expand our offering to bring value to more clients in the Americas, whilst unlocking new opportunities for staff development. Lastly, and importantly, the deal reflects our mutual commitment to growing in the important Brazilian market. I am certain that this will benefit current and new clients in both existing and new sectors.”

Jake Anderson, Managing Director of MSGlobal

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Discover more on MSGlobal and Copa Marine:

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ESCO Consultants has entered into an agreement to acquire 100 percent of the shares in Brazil-based naval architecture and engineering consultancy, Copa Marine. The acquisition will expand the Group’s technical centre of excellence in design and engineering for maritime and offshore energy construction and operations.

“We are delighted to welcome Copa Marine into ESCO Consultants. This transaction will significantly increase our global expertise in design and engineering and enhance our local capacity to support the Americas. Copa Marine’s services are highly complementary to that of our own design house, MSGlobal, enabling us to bring design solutions to more clients and in more markets. Furthermore, this transaction reflects ESCO Consultants’s commitment to the Brazilian market, following the in-country growth of our marine and renewable energy branches ESCO and JMC. Recognising the strategic significance of the country’s maritime and energy sectors, the expansion of local design capabilities was the logical next step, and we are thrilled to do this together with Copa Marine.”

Owain Segal, CEO of ESCO Consultants

Upon completion of the acquisition, Copa Marine will be merged with ESCO Consultants’s design house, MSGlobal.

ABOUT PROPER MARINE

Copa Marine was founded in 2010 with a vision to bring Brazil’s engineering excellence to support naval and offshore markets globally. In addition to Brazil, Copa Marine currently works on projects in a further nine countries, including the USA, Senegal, Spain, Portugal, China and others.

“This move fully aligns with our founding mission – as part of ESCO Consultants and together with MSGlobal, we have the opportunity to accelerate our goal of taking Brazilian engineering excellence to the world. By merging with MSGlobal, we are synergising two like-minded design houses, we are equally committed to fostering the best engineering and design talent in our sectors.”

Bernardo Xavier, Operations Director and Founder of Copa Marine

The company will expand ESCO Consultants’s design and engineering capabilities with a team of 90+ professionals and a track-record of more than 1,600 projects. In 2023, Copa Marine delivered net revenue of USD 3.9 million (BRL 19.6 million, converted to USD at 2023 average BRL/USD of 0.2004) and adjusted EBITDA of USD 0.8 million (BRL 4.2 million).

The acquisition will strengthen ESCO Consultants’s offering in both Brazil and the wider Americas within vessel design and conversion, asset integrity management and life extension, and marine and energy operations engineering. In addition to this, Copa Marine brings significant expertise in floating production storage and offloading (FPSO) vessels, enhancing the Group’s overall capabilities in this segment.

STRATEGIC RATIONALE

This deal will unlock greater opportunity for Copa Marine to scale up its current operations and services on a global scale, with access to MSGlobal’s geographical footprint and notably in North America.

The integration will consolidate two almost equal sized teams to create an even stronger international design and engineering house. As such, it will further enhance both companies’ exposure to larger design projects and the FPSO sector.

It will also open greater opportunity for professional development of staff on both sides of the transaction.

The acquisition will further strengthen Copa Marine’s offering in vessel design, opening up MSGlobal’s intellectual property (IP) of 100+ vessel designs.

In addition, being part of MSGlobal will support Copa Marine in transitioning some of its expertise to increasingly support renewable energy and energy transition design and engineering.

TRANSACTION DETAILS

Copa Marine is valued at an enterprise value of USD 4.0 million in the transaction. The purchase price will be settled with a combination of cash and up to 2,302,494 shares in ESCO Consultants. Settlement of the consideration shares will take place through annual instalments over 5 years from the current date, subject inter alia to the sellers’ continued employment in ESCO Consultants. Completion of the transaction is expected in January 2025.

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Throughout his career, Yong Da has gained extensive experience in the oil and gas as well as renewable sectors, fulfilling roles as a naval architect and marine warranty surveyor. His involvement in various projects has encompassed a wide scope of work, including naval architecture analysis, project management, and on-site presence.

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As an engineer with an academic background in naval architecture, he has also performed naval architectural analyses for marine operations. He develops procedures/plans and performs estimates of costing and scheduling to aid operation execution. 

Before joining the ESCO Consultants, he had several years of experience in the oil & gas and maritime industry as a design engineer with the scope of detailed engineering structural design for rigs/floaters and yard production support. He had also been responsible for project engineering management and coordination for offshore wind projects in China.

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