OEG Energy Group, based in Aberdeen, has taken a significant step towards broadening its presence in the European renewables market by finalizing a sale and purchase agreement to acquire Bluestream Offshore. This marks OEG's fifth deal this year and aligns with its strategy to explore opportunities in the flourishing offshore renewables sector in mainland Europe.

The undisclosed acquisition involves the purchase of Bluestream Offshore, a Dutch subsea and topside services firm headquartered in Den Helder. Known for its technical expertise serving blue-chip clients in the energy sector, Bluestream boasts a robust financial standing with a turnover exceeding €55 million. The company employs 55 full-time professionals and has a workforce of over 300 subsea and topside specialists.

This strategic move positions OEG to capitalize on the growing demand in the European offshore renewables industry. It represents the fifth acquisition for OEG this year and the 11th since the establishment of OEG Renewables in 2020. Following the completion of the transaction, Bluestream will continue its operations under its well-established brand as a subsidiary within OEG Renewables, contributing to the division's skilled workforce, which is anticipated to surpass 500 individuals.

The transaction is slated for closure later in the fourth quarter, subject to regulatory approvals. John Heiton, Chief Executive at OEG, highlighted the significance of this acquisition, stating, "This value-accretive and strategically complementary acquisition will further strengthen OEG’s service offering and operating footprint in the growing European offshore energy market." He emphasized that this move aligns with OEG's overarching strategy to position itself as a leader in providing mission-critical services and solutions supporting the energy transition.

Rolf de Vries, Managing Director of Bluestream, expressed optimism about the merger, stating, "Becoming part of OEG Group and leveraging its global footprint will help Bluestream increase the value proposition to the offshore energy market." Acknowledging OEG's commendable role in the offshore wind supply chain, de Vries anticipates that the merger will enhance their status and unlock new opportunities within the expanding European offshore renewables industry.