Aberdeenshire’s OEG Energy Group flexes renewables muscle with ‘strategic acquisition’

Latest deal comes shortly after the Kintore-headquartered group unveiled a sharp rise in full-year revenues.
A picture of the Merkur offshore wind project in Germany, which the firm is involved with.A picture of the Merkur offshore wind project in Germany, which the firm is involved with.
A picture of the Merkur offshore wind project in Germany, which the firm is involved with.

Aberdeenshire offshore services provider OEG Energy Group has further bolstered its rapidly-growing renewables business after completing the acquisition of a Dutch contractor.

The group, which recently hailed a “transformational year” during which its renewables division generated half of overall revenues just three years after being set up, has bought Marine Coordination Services (MCS) for an undisclosed sum. It will become part of OEG Renewables, further expanding the Scottish firm’s marine coordination capabilities and opening “new market opportunities” in the European offshore wind sector.

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The latest deal marks OEG’s 12th acquisition since it began growing its renewables service offering in 2020. The group has roots stretching back five decades and now employs some 1,000 people globally. Its predecessor companies - Ferguson Seacabs, Containental and Vertec Engineering - were among the pioneers in the supply of equipment to the North Sea oil and gas industry, but the group, which is headquartered in Kintore, now derives half its business from renewables work.

John Heiton, OEG’s chief executive, said: “This strategic acquisition will facilitate further expansion of OEG Renewables’ service offering and operating footprint in the growing European offshore energy market, and the development of new integrated solutions for our clients.”

Jens Doeksen and Cor van der Velde, joint managing directors of MCS, said: “Becoming part of OEG group will allow MCS to increase the value proposition we can offer to our clients by leveraging OEG’s global footprint and wide range of specialist topside, subsea and marine services. Both OEG and MCS share the same values and commitment to achieving the highest possible standards of health and safety and building long-term relationships.”

Releasing results for the past year earlier this month, OEG said revenues had grown by 35 per cent to $434 million (£344m), compared with 2022, thanks to a year of strong financial performance and acquisitive growth.

Heiton, who joined OEG in 2008, said: “2024 looks set to be another year of strong growth for OEG as it leverages its established profile, expanded service offering, global footprint and strong balance sheet to achieve its near-term target of generating $1 billion in annualised group revenue in the next few years.”

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