Press Release

19.12.2016

(Trondheim, Norway) Safetec Nordic AS (Safetec), led by President Frank Vollen, has finalized a Management Buyout (MBO) with ABSG Consulting Inc. (ABS Group), an independent subsidiary of ABS. The MBO involves the transfer of ownership of all of Safetec’s entities from ABS Group to Safetec employees.

“This agreement enables Safetec to focus its risk management advisory services toward enhancing delivery in the Norwegian markets and wider businesses globally while maintaining a strong alliance with ABS Group,” says Vollen. “The Safetec and ABS Group Leadership teams believe this change in ownership is in the best interest of our employees and, ultimately, that of our clients. By continuing to work together, our companies can deliver value to clients in the oil and gas industry and other markets requiring safety, risk, and reliability services.”

The deal is expected to conclude by year-end 2016.

About Safetec Nordic AS

Safetec is a leading provider of risk management services. With an integrated approach to technical, human and organizational aspects, Safetec is a full range supplier of services within risk, reliability and emergency preparedness. Safetec has provided services to worldwide offshore, maritime and land based industries since 1984.

About ABS Group

ABS Group of Companies, Inc. (www.abs-group.com), through its operating subsidiaries, provides technical and certification services to support the safety and reliability of high-performance assets and operations. Headquartered in Houston, Texas, ABS Group operates with more than 2,000 professionals in over 30 countries. ABS Group is a subsidiary of ABS, a leading marine and offshore classification society.

(www.abs-group.com)

All inquiries submitted to Frank Vollen, Frank.vollen@safetec.no or +47 934 83 900.

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