AF Gruppen acquires Claxton Engineering Services

The agreed enterprise value is GBP 63.5 million, corresponding to approx. NOK 800 million. The consideration will be settled in cash and financed from AF Gruppen’s liquidity reserves.

Founded in 1985, Claxton is today a leading global provider of technology driven services and engineering, primarily within offshore decommissioning. The company has a broad customer portfolio, with a large number of smaller projects that are primarily settled on a day‑rate basis. It owns and operates a substantial fleet of surface and subsea risers, as well as equipment used in the installation of offshore wind. The services are focused on late and end of life assets, combining specialist equipment with experienced people and proprietary technologies, and the company also plays an important role across the offshore energy transition. The company has 400 employees and reported average revenues of approximately MGBP 82 in the period 2023–2025, with an operating margin of around 14 per cent.

“Over more than 20 years, AF Gruppen has built strong expertise in removal and recycling of offshore installations. By combining AF Gruppen’s broad project and execution capabilities with Claxton’s innovative strength, equipment portfolio and proprietary technologies, we will strengthen and expand our service offering within offshore decommissioning, offshore wind and conventional energy,” says Amund Tøftum, CEO of AF Gruppen.

AF Gruppen seeks project‑based companies that strengthen the service offering, both within the core and at the periphery of our current services and geographical footprint. The acquisition of Claxton will strengthen and complement the existing offshore operations through the addition of expertise, technology and equipment. At the same time, it provides a platform for further development of the service offering towards new growth areas, including offshore wind and adjacent markets.

“With AF Gruppen as our new owner, we have a strong foundation to continue evolving Claxton as the leading specialist engineering and decommissioning services partner, strengthening our capability through continued investment in our people, technology and proprietary solutions. Our strategy is fully aligned with AF Gruppen’s vision of cleaning up from the past and building for the future, and this supports the continued development of our international footprint and the expansion of our service offering across decommissioning, conventional energy and offshore wind, together with Probe Manufacturing and Fabrication,” says Sam Hanton, Managing Director of Claxton.

Claxton is headquartered in Aberdeen and operates facilities in Great Yarmouth, with the North Sea as its main market. The company also has strategically located hubs in Stavanger, Houma (Louisiana, USA), Singapore and Abu Dhabi. An international presence in key offshore markets may serve as a gateway for AF Offshore Decom into new geographies.

The seller is Acteon Group, a UK‑based company. The transaction comprises the operating companies Claxton Engineering Service Ltd. (UK), Probe Manufacturing and Fabrication Ltd. (UK), Claxton Engineering Services Pte Ltd. (Singapore), Claxton Services Pty Ltd. (Australia), Claxton Engineering Services LLC SPC (Abu Dhabi), Claxton Engineering Services AS (Norway) and Claxton Services Inc. (USA).

Claxton will operate as an independent business unit within the Offshore business area of AF Gruppen.

The transaction is subject to approval by the Norwegian Competition Authority and is expected to be completed during the second quarter of 2026.