Published: April 1, 2025 |

[Click image to enlarge]

[Click image to enlarge]

Apollo has agreed to acquire a majority stake in OEG Energy Group from funds managed by the power opportunities strategy of Oaktree Capital Management and other investors.

The transaction implies a headline valuation of more than $1 billion for OEG, and Oaktree and others will retain a minority equity interest in the company. OEG is a leading offshore energy solutions business.

OEG is a scaled provider of core services across the offshore energy ecosystem, delivering development and operations solutions to oil & 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 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,” said John Heiton, CEO of OEG.

“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,” added Heiton.

“John and team have built OEG into a global leader and trusted provider of offshore equipment and services, with an integrated business model that has scaled across cycles. 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,” said Wilson Handler, partner at Apollo.

“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 Handler.

“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,” said Francesco Giuliani, managing director and assistant portfolio manager in Oaktree’s Power Opportunities.

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 Q2 2025.

Apollo is a high-growth, global alternative asset manager. In its asset management business, they seek to provide clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, their investing expertise across its fully integrated platform has served the financial return needs of clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, they specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. As of December 31, 2024, Apollo had approximately $751 billion of assets under management.

Headquartered in Aberdeen, UK, OEG Energy Group is a leading offshore energy solutions business providing infrastructure assets, technologies and services to the global energy industry. From the company’s beginning in 1973, OEG has evolved significantly, growing both organically and through strategic acquisitions, to become a pivotal link in the global energy supply chain. OEG delivers specialized and complementary solutions for above-water, on-water and below-water applications across the full energy lifecycle. From the provision of offshore logistics equipment and bespoke solutions, through to the delivery of integrated services for larger project work scopes, OEG plays an important role in supporting the production of the world’s energy needs whether that be electricity, gas or oil.

Be in-the-know when you’re on-the-go!

CLICK HERE to register your email address.

Copyright © 2025 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

For licensing permission, .(JavaScript must be enabled to view this email address)