Asset manager Apollo has agreed to acquire a majority stake in offshore energy solutions business OEG Energy Group as part of the transaction worth over $1 billion.
Apollo, through its funds managed by its affiliates, will take the majority share from from funds managed by the Power Opportunities strategy of Oaktree Capital Management and other investors.
Oaktree and others will retain a minority equity interest in the company.
OEG is a scaled provider of core services across the offshore energy ecosystem, delivering development and operations solutions to oil and gas and wind end markets for more than 50 years.
The company owns and operates one of the world’s largest fleets of cargo carrying units (CCUs), with over 75,000 units, enabling the safe transportation of essential cargo to and from offshore energy installations.
OEG’s Renewables segment is a global, integrated provider of key technical solutions and services to the offshore wind sector.
“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.
“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,” said John Heiton, CEO of OEG.:
“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,” added Wilson Handler, Partner at Apollo.
Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billion of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2025.
