EQVA acquires Einar Øgrey Farsund
2 February 2026: With reference to the stock exchange announcement published on 21 January 2026, EQVA has secured new long-term financing. The terms and conditions of the bond loan were today approved by the Board of Directors of EQVA ASA. The financing strengthens the Group’s financial platform and opens strategic opportunities, providing capacity for both organic development within the Group’s companies and for strategic acquisitions.
Today, EQVA has signed an agreement to acquire the mechanical and electromechanical operations of Einar Øgrey in Farsund. The transaction is of strategic importance and provides EQVA with increased capacity in both existing and new complementary service areas, access to highly skilled personnel, local presence on the Southern coast of Norway, and a broader customer base. For 2025, the business is expected to generate revenues of approximately NOK 160 million and EBITDA of approximately NOK 15 million (9%).
“The acquisition of Einar Øgrey Farsund is an important strategic step for EQVA. The company adds high technical competence, strong customer relationships and a solid position on the Southern coast of Norway. Together, we strengthen our capacity within both existing and new service areas and lay a strong foundation for further growth and value creation,” says Olav Koløy, CEO of EQVA. Transaction details The transaction is funded through a combination of available acquisition financing under the bond loan, cash consideration, share consideration, and a conditional performance-based earn-out.
The agreed upfront enterprise value is NOK 60 million, of which NOK 40 million will be settled in cash and NOK 20 million will be settled through the issuance of new shares in EQVA ASA to the sellers. The final equity value at completion will be determined based on closing accounts and will be subject to customary net debt and working capital adjustments.
In addition, the sellers may receive a performance-based earn-out linked to achieved EBITDA for the financial years 2026 and 2027. The earn-out shall in any event not exceed NOK 60 million and will be settled 50% in cash and 50% in shares of EQVA ASA. The earn-out is structured to be proportionate to performance, in order to maintain a consistent implied acquisition multiple across outcomes.
The subscription price for the share consideration will be determined in accordance with an agreed VWAP-based pricing mechanism, and is subject to customary floor and cap mechanisms. The consideration shares will be subject to a lock-up-period, with 50% being released 12 months after completion, and the remaining 50% being released 24 months after completion. The consideration shares are intended to be listed on the Oslo Stock Exchange. About Einar Øgrey Farsund Einar Øgrey Farsund a well-established on the Southern coast of Norway with 65 employees, offering engineering and design, mechanical fabrication, installation, as well as maintenance of mechanical structures and machinery. The company also has specialist expertise in certification and annual inspection of lifting equipment, non-destructive testing (NDT), 3D modelling and design, and 3D scanning.
Going forward, the company will strengthen its position as a supplier of mechanical and electromechanical services to existing customers such as Alcoa, Aludyne, Eramet, Alloc and Hitachi, while also facilitating expansion into new market areas. The company will continue to operate under the same brand name and will have opportunities for synergies and growth together with the other companies in the EQVA Group.
“Becoming part of EQVA gives us new and exciting opportunities for further development. We become part of a larger professional environment and a group with clear ambitions for growth. At the same time, we are very pleased that the business will continue to operate under the established brand, allowing us to continue to build on the competence, culture and relationships we have developed over time,” says Arne Marthinsen, Managing Director of Einar Øgrey Farsund.
The transaction is expected to be completed during the second quarter of 2026. The HVDC operations of Einar Øgrey Farsund will be carved out of the company prior to EQVA’s acquisition of the business. For further information, please contact: Olav Hilmar Koløy, CEO EQVA, +47 911 58 829 Arne Marthinsen, CEO Einar Øgrey Farsund, +47 900 46 025
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Ask Haukaas, Head of strategy and business development in EQVA, at the time and date stated above in this announcement.