OEG Energy Group Expands Portfolio with Acquisition of Bluestream Offshore
Posted 20/11/2023 11:46
OEG Energy Group Limited has recently announced its plans to acquire Bluestream Offshore, a prominent Dutch offshore services firm specializing in subsea and topside services. The acquisition, made for an undisclosed amount, underscores OEG's commitment to strengthening its presence and capabilities in the European offshore energy market.
Bluestream Offshore, headquartered in Den Helder, is recognized for its expertise in providing specialized technical services both above and below the waterline to a prestigious clientele in the energy sector. The company boasts a turnover exceeding €55 million, with a workforce of approximately 55 employees and over 300 offshore subsea and topside specialists. Their proficiency spans surface supplied diving, Remotely Operated Vehicles (ROVs), working at height, rope access, and Unmanned Aerial Vehicles (UAV).
In addition to its operational capabilities, Bluestream Offshore is distinguished by an in-house research and development department, focusing on advancing the quality of its services and pioneering innovative and cost-effective solutions for the renewable industry.
The strategic acquisition aligns with OEG's objective to bolster its subsea and topside capabilities while expanding its operational footprint. This move positions OEG to explore new opportunities within the burgeoning offshore renewables sector in Mainland Europe, leveraging Bluestream's established reputation.
The transaction is slated to conclude in the late fourth quarter of 2023, subject to regulatory approvals. John Heiton, OEG’s Chief Executive Officer, expressed enthusiasm about the acquisition, highlighting its value-adding and strategic nature. He emphasized OEG's commitment to becoming a leader in providing mission-critical services that support the ongoing energy transition.
Rolf de Vries, Managing Director of Bluestream, conveyed optimism about the merger, emphasizing the shared values and commitment to delivering high-quality services with a focus on health, safety, and environmental considerations. He noted that the acquisition by OEG would enhance Bluestream's value proposition in the offshore energy market and open up new opportunities within the growing European offshore renewables industry.