Asset supervisor Apollo World Administration has agreed to amass a majority stake in offshore service supplier OEG from funds managed by the Energy Alternatives technique of Oaktree Capital Administration, LP and different traders.
The transaction is topic to the satisfaction of sure closing circumstances, together with regulatory approvals, and is anticipated to shut within the second quarter, OEG stated in a information launch. Monetary phrases of the deal weren’t disclosed.
OEG describes itself as a scaled supplier of core companies throughout the offshore power ecosystem, delivering improvement and operations options to grease, fuel and wind finish markets for greater than 50 years.
- Advertisement -
The corporate stated it owns and operates one of many world’s largest fleets of cargo carrying items with greater than 75,000 items, enabling the transportation of important cargo to and from offshore power installations. Additional, OEG’s Renewables phase is a world, built-in supplier of key technical options and companies to the offshore wind sector.
OEG CEO John Heiton stated, “Since our firm’s founding, we’ve got labored exhausting to determine OEG as a world chief in delivering core companies all through the offshore power worth chain. As power producers throughout Europe and across the globe proceed to put money into the power transition, we’re dedicated to increasing and enhancing our capabilities as a key accomplice. We stay up for working with Apollo as we enter this new and thrilling chapter for our enterprise and stay targeted on supporting our clients with the identical high quality service they’ve come to anticipate”.
Wilson Handler, Associate at Apollo, stated, “[Heiton] and staff have constructed OEG into a world chief and trusted supplier of offshore gear and companies, with an built-in enterprise mannequin that has scaled throughout cycles. We see an incredible alternative to put money into the corporate’s future progress as secular tailwinds drive demand for companies enabling environment friendly power manufacturing and renewable energy. Bringing to bear the dimensions of Apollo’s built-in platform and deep experience in power companies, we stay up for working with the proficient staff at OEG to unlock worth for its varied stakeholders and constant buyer base by way of natural and inorganic channels”.
Asia Pacific Contract
In January, OEG stated it secured a brand new contract with an undisclosed “main nationwide working firm” within the Asia Pacific area.
Underneath the phrases of the settlement, OEG will provide a mixture of high-specification cargo carrying items to assist a deepwater drilling marketing campaign, in keeping with an earlier information launch.
The corporate stated it plans to mobilize from the area to and from customer-specified worksites.
John Aw, OEG’s Regional Director in Asia Pacific, stated, “Our staff is proud to realize this award which displays a excessive stage of belief from our buyer, in {our capability} to ship and exceed expectations. OEG’s energy within the Asia Pacific area is underpinned by the expertise and data of our individuals and our entry to a strong and high-quality native [cargo carrying unit] fleet that meets worldwide requirements for high quality and security”.
“With the anticipated improve in exploration and manufacturing actions throughout Asia Pacific we’re wanting ahead to additional rising {our capability}, while persevering with to ship distinctive high quality throughout our CCU commonplace items, commonplace items with bespoke fittings, and customized build-for-sale items, guaranteeing that our clients will profit from decreased threat and elevated operational effectivity.”
To contact the writer, electronic mail rocky.teodoro@rigzone.com
Generated by readers, the feedback included herein don’t mirror the views and opinions of Rigzone. All feedback are topic to editorial assessment. Off-topic, inappropriate or insulting feedback will probably be eliminated.
