Aberdeen headquartered OEG Energy Group has announced the acquisition of Dutch subsea and topside services firm Bluestream Offshore for an undisclosed fee.
OEG said it expects to complete the takeover before the end of the year, subject to regulatory approvals.
Based in Den Helder, Bluestream is an offshore contractor with a reported turnover of more than €55 million (£46m), with approximately 55 employees and 300 offshore contractors.
OEG said the takeover will increase its subsea and topside capabilities while expanding its operating footprint to enable it to pursue further opportunities in the growing offshore renewables industry in mainland Europe.
The announcement comes after OEG recently raised $140 million to continue its expansion into the renewables sector, although a spokesperson for the company told Energy Voice it funded this acquisition using existing cash.
The Bluestream takeover is the fifth acquisition made by the company in 2022 and in total, the company has made 11 acquisitions since it launched its OEG Renewables arm in 2020.
Bluestream to retain brand as OEG subsidiary
OEG said Bluestream’s services include surface supplied diving, Remotely Operated Vehicles (ROVs), working at height, rope access and Unmanned Aerial Vehicles (UAV) across the installation, maintenance and decommissioning of offshore assets.
The company also has an inhouse research and development department focused on the renewable industry.
Bluestream will retain its established brand and operate as a subsidiary within OEG Renewables, expanding the division’s skilled workforce to over 500 people.
A spokesperson for OEG told Energy Voice there is not expected to be any change to staffing levels and Bluestream will “retain autonomy to continue its own growth strategy”.
OEG chief executive officer John Heiton said the “strategically complementary” takeover will strengthen the company’s service offering and operating footprint in Europe.
“This is in line with our strategy to make value enhancing acquisitions to position OEG as the leader in the provision of mission-critical services and solutions supporting the energy transition,” he said.
Bluestream managing director Rolf de Vries said joining OEG Group and leveraging its global footprint will help the Dutch firm increase the value proposition to the offshore energy market.
“Both OEG and Bluestream share the same values and commitment to provide the highest quality services possible with the health and safety of our colleagues, clients and environment as a core priority,” Mr de Vries said.
“OEG has done a great job of establishing itself as a valued partner in the supply chain for offshore wind, and this merger will further enhance that status and open up new opportunities for the group within the growing European offshore renewables industry.”
OEG targets $1b turnover in five years
According to OEG, the company maintains the largest global fleet of reusable offshore cargo carrying units and operations across more than 60 worldwide locations.
In October, Mr Heiton told Energy Voice the company was targeting as many as 12 acquisitions in the offshore wind sector, primarily in mainland Europe.
The acquisition efforts are part of a push to increase turnover from $400 million to beyond $1 billion (£820 million) over the next five years.
As part of the ambitious growth strategy, Mr Heiton expects the company’s current headcount of around 1,000 employees to grow in line with its projected revenue growth.