Funds managed by Oaktree Capital Management’s power opportunities strategy and other investors are selling a majority stake in OEG Energy Group, an offshore energy services firm valued at over $1bn (€918m), to Apollo.
Apollo, acting on behalf of its funds, said Oaktree and others will retain a minority equity interest in the OEG.
OEG provides services to the offshore energy sector, offering development and operations solutions for oil and gas, and wind industries. The company maintains a fleet of over 75,000 carrying units used for transporting cargo to offshore energy sites.
Wilson Handler, partner at Apollo, said: “We see a tremendous opportunity to invest in the company’s future growth as secular tailwinds drive demand for services enabling efficient energy production and renewable power.
“Bringing to bear the scale of Apollo’s integrated platform and deep expertise in energy services, we look forward to working with the talented team at OEG to unlock value for its various stakeholders and loyal customer base via organic and inorganic channels.”
John Heiton, CEO of OEG, said: “Since our company’s founding, we have worked hard to establish OEG as a global leader in delivering core services throughout the offshore energy value chain.
“As energy producers across Europe and around the globe continue to invest in energy transition, we are committed to expanding and enhancing our capabilities as a key partner.”
Francesco Giuliani, managing director and assistant portfolio manager at Oaktree’s power opportunities strategy, said: “We are proud of our partnership with the management team at OEG and the success achieved during Oaktree’s period of ownership.
During that time, increased focus on the energy transition and global supply dynamics has made investment for core energy infrastructure even more important. We continue to have strong conviction in OEG’s growth trajectory and are thrilled to maintain a minority interest alongside Apollo funds.”
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