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ABS Group Announces Acquisition of Genesis Solutions, Leading Enterprise Asset Management (EAM) Services Provider

February 23, 2012

Houston, TX—ABS Group of Companies, Inc. today announced its acquisition of maintenance and asset management solutions provider Genesis Solutions, headquartered in Ridgefield, Connecticut.

In little more than a decade, Genesis Solutions has grown to become a leading provider of integrated Enterprise Asset Management (EAM) services to major pharmaceutical, energy, food and beverage, manufacturing and facilities maintenance customers. With operations in the US, Canada, Latin America, Europe and Asia, Genesis Solutions will align with ABS Group's global footprint and complement existing Asset Management capabilities.  Genesis Solutions will be combined with ABS Consulting's existing Reliability and Maintenance Management group to form a new EAM competency center.

According to ABS Group CEO, Tony Nassif, "The acquisition of Genesis Solutions will enable ABS Consulting to immediately expand our capabilities to deliver full-service EAM solutions to our extensive customer base in the Maritime, Oil and Gas, Nuclear, Renewable and Government market sectors." ABS Consulting President David Walker added that, "In particular, their systems and technology experience with all of the major EAM and Computerized Maintenance Management System software tools will equip ABS Consulting with a portfolio of solutions to directly improve customers' bottom lines through reduced downtime, improved efficiency and reduced labor and material costs."

ABS Chairman Robert D. Somerville said that, "The Genesis Solutions acquisition represents an important step in assisting our clients to maximize the return on their capital investments and increase operating efficiency." He added, "We are pleased that this acquisition provides ABS Consulting the capabilities to enhance the delivery of services and programs to our clients."

Genesis Solutions' Founding Partner and CEO Burton (Twig) MacArthur said, "The combination of Genesis Solutions and ABS Consulting will increase our ability to help clients realize a return on their assets through reduced maintenance costs and improved productivity." He stated that, "This integration will help us reach a broader base of customers with a broader set of offerings, while also expanding the range of career opportunities available to Genesis employees."

Terms of the transaction were undisclosed.


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.


About ABS Group and ABS Consulting

ABS Group of Companies is a subsidiary of ABS and the parent 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.

www.abs-group.com | www.absconsulting.com

About GenesisSolutions

Genesis Solutions provides best-in-class maintenance and asset management to the world's most sophisticated industrial organizations. We create operational and financial advantages for our customers by identifying and implementing measures that enhance asset reliability and increase capacity, while reducing maintenance costs and extending capital asset lifecycles. Genesis Solutions is a privately held corporation with major investments from Seguin Partners and Ironwood Capital.



For more information, Contact:

William Rieck
Vice President, Marketing and Communications
ABS Group
1-281-673-2739 | wrieck@abs-group.com

Joseph Pitman
Vice President, Sales and Marketing
1-203-431-0281 | jpitman@genesissolutions.com



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