OEG to Drive Ambitious Growth Agenda in Energy Transition and European Energy Security
Aberdeen, 10 March 2023: UK-based OEG Offshore (“OEG”) has announced its partnership with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leader among global investment managers specializing in alternative investments. The partnership will further accelerate OEG's growth plans in the energy and renewables sector in the UK and worldwide, in support of the accelerating the global energy transition agenda as well as European energy security.
The partnership is a vote of confidence in OEG's long-term strategy. To drive its ambitious growth plans, OEG expects to invest further in its renewables offering, including adding to its 1,000-strong global workforce, 200 of which are based in Aberdeen, Scotland. Oaktree will also continue to support OEG to build on the company's strong acquisition track record, extending its services portfolio.
John Heiton, CEO of OEG Offshore said: “This partnership marks a new chapter for OEG and signals the group's commitment to expanding its business and global reach, while entering new and exciting markets. We will continue to provide the same first-class service to our valued clients as we build and enhance our integrated offering, resulting in increased efficiencies for customers. With Oaktree's support we will continue to invest in research and development to strengthen our offering, organically and through acquisitions. As a UK-headquartered business with global operations, this announcement underscores our commitment to the energy transition in creating a cleaner, greener future.”
Francesco Giuliani, Managing Director and Assistant Portfolio Manager of Oaktree's Power Opportunities strategy, said: “We are pleased to be partnering with OEG, a fast-growing international energy services company with a strong presence in offshore wind. We look forward to working with OEG's management team whom we have known and respected for many years, supporting the company's growth and accelerating its presence in the energy transition.”