OEG Energy Group flexes renewables muscle

Aberdeenshire offshore services provider OEG Energy Group has further bolstered its rapidly-growing renewables business after completing the acquisition of a Dutch contractor.

The group, which recently hailed a “transformational year” during which its renewables division generated half of overall revenues just three years after being set up, has bought Marine Coordination Services (MCS) for an undisclosed sum. It will become part of OEG Renewables, further expanding the Scottish firm’s marine coordination capabilities and opening “new market opportunities” in the European offshore wind sector.

The latest deal marks OEG’S 12th acquisition since it began growing its renewables service offering in 2020. The group has roots stretching back five decades and now employs some 1,000 people globally.

Its predecessor companies – Ferguson Seacabs, Containental and Vertec Engineering – were among the pioneers in the supply of equipment to the North Sea oil and gas industry, but the group, which is headquartered in Kintore, now derives half its business from renewables work.

John Heiton, OEG’S chief executive, said: “This strategic acquisition will facilitate further expansion of OEG Renewables’ service offering and operating footprint in the growing European offshore energy market, and the development of new integrated solutions for our clients.”

Releasing results for the past year earlier this month, OEG said revenues had grown by 35 per cent to $434 million (£344m), compared with 2022, thanks to a year of strong financial performance and acquisitive growth.