US investment giant Apollo has acquired a majority interest in Aberdeen-headquartered offshore energy firm OEG, in a deal valuing the company at more than $1 billion.
The transaction sees Apollo purchase the stake from funds managed by Oaktree Capital Management’s Power Opportunities strategy and other investors. Oaktree and existing shareholders will retain a minority holding in OEG.
The deal, which is subject to regulatory approvals, is expected to complete in the second quarter of this year.
Founded in 1973, OEG has grown into a global player in offshore energy logistics, now employing around 1,300 people across more than 65 countries. The company operates one of the world’s largest fleets of cargo carrying units, with more than 75,000 transporting equipment to and from offshore installations.
OEG chief executive John Heiton commented: “We look forward to working with Apollo as we enter this new and exciting chapter for our business and remain focused on supporting our customers with the same quality service they have come to expect.”
Apollo partner Wilson Handler added: “We see a tremendous opportunity to invest in OEG’s future growth as demand increases for services that support efficient energy production and renewable power.”
Francesco Giuliani, managing director at Oaktree, said the partnership had supported the business through a period where “investment in core energy infrastructure became even more critical” due to global supply pressures and the energy transition.
Advisors on the
