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OEG's power move with Bluestream Offshore acquisition

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 20/11/2023 OEG Energy Group

Strategic move expands OEG’s subsea capabilities and foothold in European offshore renewables. OEG Energy Group Limited ("OEG"), a distinguished player in offshore solutions, has officially sealed a Sale and Purchase Agreement (SPA) to acquire Bluestream Offshore B.V, a Netherlands-based specialist in subsea and topside services. The undisclosed but substantial deal marks a pivotal moment in OEG’s expansion within the offshore energy sector.

Bluestream, headquartered in Den Helder, holds expertise in providing technical services both above and below the waterline to esteemed clients in the energy sectors. The company’s offerings encompass surface supplied diving, Remotely Operated Vehicles (ROVs), working at height, rope access, and Unmanned Aerial Vehicles (UAVs). With a turnover exceeding €55 million, Bluestream commands a skilled team of approximately 55 employees, supported by over 300 offshore subsea and topside specialists.

Of particular note is Bluestream's innovative edge - housing an in-house research and development department dedicated to enhancing service quality, notably focusing on pioneering solutions for the renewable industry. This acquisition is poised to significantly bolster OEG's subsea and topside capabilities while extending its operational reach, specifically targeting burgeoning opportunities within the European offshore renewables industry.

John Heiton, CEO of OEG, expressed his enthusiasm, stating, "This strategic move aligns seamlessly with our vision of fortifying OEG's presence in the European offshore energy market. It underscores our commitment to delivering mission-critical solutions that support the ongoing energy transition."

Rolf de Vries, Managing Director of Bluestream, shared his optimism about the merger, stating, "Joining forces with OEG will elevate Bluestream's value proposition in the offshore energy market. Our shared commitment to safety and service excellence positions us to unlock new opportunities within the growing European offshore renewables sector."

The transaction, subject to regulatory approvals, is expected to conclude in late Q4 2023, marking a significant milestone in OEG’s ongoing expansion strategy within the offshore energy landscape.

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