AFG to Acquire Majority Stake in Mollier

AF Gruppen ASA (AFG) has signed a letter of intent regarding the acquisition of 51% of the shares in Mollier AS.

Mollier is an engineering and service company in the HVAC business (Heating, Ventilation, Air Conditioning and Cooling). The company's main focus is the offshore market in the North Sea. Mollier has 44 employees and operating revenue was more than NOK 60 million in 2006. The main office is located in Stavanger.

"The letter of intent with Mollier is a part of our continued growth in energy and environmental related services and our offshore business," said Pal Egil Ronn, CEO of AF. "During the last few years we have deliberately strengthened our competence in these business areas, and Mollier will supplement our existing services."

The agreement is subject to due diligence and approval by the Board of Directors. Work related to the due diligence will start immediately, with a view to sign a final purchasing contract by August 20, 2007.