OEG Energy Group Limited has formally announced its agreement to acquire Bluestream Offshore BV, a reputable Dutch technical services contractor specializing in the oil and gas and renewable energy markets. The strategic acquisition, set to close in the late fourth quarter, marks OEG Energy's proactive initiative to enhance its footprint in the thriving European offshore energy market.
While specific financial details of the transaction were not disclosed, OEG Energy expressed its strategic intent to gain improved access to the burgeoning offshore renewables industry in Mainland Europe through the acquisition. Bluestream Offshore, headquartered in Den Helder, is renowned for its diverse range of services, including surface-supplied diving, Remotely Operated Vehicles (ROVs), working at height, rope access, and Unmanned Aerial Vehicles (UAV).
The company, boasting revenues exceeding EUR 55 million (USD 60.1 million) and a dedicated in-house research and development department, stands out for its commitment to innovative solutions tailored for the renewables sector.
“This value-accretive and strategically complementary acquisition will further strengthen OEG's service offering and operating footprint in the growing European offshore energy market,” commented John Heiton, CEO of OEG Energy. Following the completion of the deal, Bluestream Offshore is slated to become a subsidiary of OEG Renewables, reflecting the company's increasing prominence in the offshore renewables domain.
The move aligns with OEG Energy's forward-looking approach to capitalize on the evolving dynamics of the energy landscape, particularly within the offshore sector. As the offshore renewables sector continues to gain traction, this acquisition positions OEG Energy Group to play a more influential role in shaping the industry's future.