AF Gruppen Expands Offshore Capabilities with Strategic Acquisition of Claxton Engineering Business

AF Gruppen Expands Offshore Capabilities with Strategic Acquisition of Claxton Engineering Business

(IN BRIEF) AF Gruppen has agreed to acquire offshore engineering company Claxton in a deal valued at approximately NOK 800 million, strengthening its capabilities in offshore decommissioning, offshore wind, and conventional energy services. Claxton, a global provider with strong profitability and operations across key offshore markets, brings advanced technology, specialised equipment, and a skilled workforce to the group. The acquisition supports AF Gruppen’s strategy of expanding its service offering and geographic reach, while also positioning the company for growth in renewable energy and energy transition sectors. Once completed, Claxton will operate as an independent unit within AF Gruppen’s Offshore division, with the transaction expected to close in the second quarter of 2026.

(PRESS RELEASE) OSLO, 15-Apr-2026 — /EuropaWire/ — AF Gruppen has entered into an agreement to acquire 100% of the shares in Claxton, in partnership with the company’s senior management team. The move is aimed at strengthening AF Gruppen’s capabilities across offshore decommissioning, life extension of offshore assets, and the growing offshore wind sector.

The transaction assigns Claxton an enterprise value of GBP 63.5 million, equivalent to approximately NOK 800 million. The purchase will be completed in cash and funded through AF Gruppen’s existing liquidity.

Established in 1985, Claxton has developed into a global provider of engineering and technology-driven services, with a primary focus on offshore decommissioning. The company operates internationally, generating revenues exceeding NOK 1 billion and maintaining strong profitability. Its business model is supported by a diverse client base and a steady flow of smaller-scale projects, many of which are executed on a day-rate basis.

Claxton owns and operates an extensive fleet of surface and subsea risers, along with specialised equipment used in offshore wind installation. Its services are concentrated on late-life and end-of-life offshore assets, combining technical expertise, proprietary technologies, and experienced personnel. The company employs around 400 people and recorded average annual revenues of approximately GBP 82 million between 2023 and 2025, with an operating margin of around 14%.

Amund Tøftum, Chief Executive Officer of AF Gruppen, noted that the acquisition builds on more than two decades of experience in offshore removal and recycling. He emphasised that integrating Claxton’s technological capabilities and equipment portfolio with AF Gruppen’s project execution expertise will enhance and broaden the company’s service offering across offshore decommissioning, conventional energy, and offshore wind.

The acquisition aligns with AF Gruppen’s strategy of investing in project-oriented businesses that complement and expand its existing services and geographic footprint. Claxton’s addition is expected to strengthen offshore operations while also providing a platform for growth in adjacent markets, particularly within renewable energy.

Sam Hanton, Managing Director of Claxton, highlighted that the partnership with AF Gruppen offers a solid foundation for further development. He pointed to opportunities for continued investment in people, technology, and proprietary solutions, as well as alignment with AF Gruppen’s long-term vision of supporting energy transition initiatives and expanding international operations.

Headquartered in Aberdeen, Claxton operates additional facilities in Great Yarmouth, with the North Sea serving as its primary market. The company also maintains strategically positioned hubs in Stavanger, Houma in Louisiana, Singapore, and Abu Dhabi, providing access to key offshore regions globally. This international presence is expected to support AF Gruppen’s expansion into new markets through its offshore decommissioning activities.

The seller in the transaction is Acteon Group. The acquisition includes several operating entities across multiple regions, including Claxton Engineering Service Ltd. and Probe Manufacturing and Fabrication Ltd. in the UK, as well as subsidiaries in Singapore, Australia, Abu Dhabi, Norway, and the United States.

Following completion, Claxton will operate as an independent business unit within AF Gruppen’s Offshore division. The transaction remains subject to approval by the Norwegian Competition Authority and is anticipated to close during the second quarter of 2026.

Media Contacts:

Knut Ekern
Communication Director
AF Gruppen Konsern
knut.ekern@afgruppen.no
+47 930 02 600

Lars Myhre Hjelmeset
Managing Director
AF Gruppen
larsmyhre.hjelmeset@afgruppen.no
+47 970 39 084

SOURCE: AF Gruppen