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ABS Group to Acquire Safetec Nordic AS

Safetec Nordic AS

Safetec is a leading provider of integrated
risk and asset management services.

November 30, 2011

Strategic move expands and strengthens service offerings to offshore clients.

Houston, TX—ABS Group of Companies, Inc., an affiliate of leading class society ABS, announced today that it has entered into an agreement to acquire Safetec Nordic AS (Safetec), a leading provider of integrated risk and asset management services. The programs and services of Safetec will strengthen and expand those of ABS Consulting (a subsidiary of ABS Group). Combining the talent and resources of these two entities will result in a consulting organization that can deliver clients more timely and innovative solutions for today's operational and business challenges.

Safetec's focus has been serving customers in the offshore, marine and land-based industries from their key operating centers in Norway, the UK and Malaysia for almost three decades. During that same period, ABS Consulting has established itself as a global leader in safety, risk and integrity management systems. Adding Safetec's integrated risk and asset lifecycle management services to the organization will significantly enhance ABS Consulting's existing risk and integrity management services.

"The integration of Safetec is directly aligned with our strategic objective to broaden the range of services provided to our offshore customers and to strengthen our presence in Europa, particularly in the North Sea," says ABS Group CEO Tony Nassif. "In addition, Safetec will serve as a platform for further growth in other leading offshore markets."

According to Jan Morten Ertsaas, CEO of Safetec, "ABS Consulting and Safetec have complementary skills and expertise that will provide an even broader range of solutions to all of our customers." He added that, "The combination of Safetec and ABS Consulting will allow Safetec and our employees even greater opportunities to grow with exciting opportunities to leverage the global ABS Consulting presence and develop new and innovative solutions for our customers."

"We are extremely pleased with the impending Safetec acquisition," said ABS Chairman Robert D. Somerville. "This is part of our ongoing investment in opportunities to improve the delivery of innovative services and programs that our clients need to meet today's and tomorrow's challenges. For more than 150 years, ABS has been focused on improving safety throughout the maritime industry, and bringing Safetec into the organization will allow us to further expand our influence on this critical subject."

Terms of the transaction were not disclosed. Closing, subject to customary closing conditions, is scheduled for January 2012.


About ABS

Founded in 1862, ABS is a leading international classification society devoted to promoting the security of life, property and the marine environment through the development and verification of standards for the design, construction and operational maintenance of marine-related facilities.

Learn more about ABS.

About ABS Group and ABS Consulting

ABS Group of Companies is an affiliate of ABS and the holding company of ABS Consulting, EQECAT and ABS Quality Evaluations. ABS Consulting has been providing Safety, Risk, Integrity and Performance Management Services to Oil and Gas, Power, Maritime and Government clients for 40 years. Headquartered in Houston, Texas, ABS Consulting operates in over 30 countries with over 1,700 employees worldwide.

Learn more about ABS Group and ABS Consulting.

About Safetec

Safetec is a leading provider of integrated risk and asset management services. With a focus on minimum downtime and safe production, Safetec offers life-cycle optimization services, from concept evaluation to decommissioning. Since 1984, Safetec has served customers from offices in Trondheim, Oslo, Stavanger and Bergen in Norway and through its subsidiary companies Safetec UK Ltd in Aberdeen and London, AP Safetec Sdn Bhd. in Kuala Lumpur, Malaysia and Safetec Risk Management Pty.Ltd, in Perth, Australia.

Learn more about Safetec.



For more information, Contact:

Kristy Evenson
Marketing Coordinator
ABS Consulting
1-281-673-2945 | kevenson@absconsulting.com



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