OEG Offshore Group, a provider of specialist equipment to the offshore oil and gas industry, has announced the acquisition of a majority interest in the company by KKR, with the executive management retaining a significant holding in the company.
OEG is headquartered in Aberdeen, UK with regional hubs in the main offshore oil and gas regions including Singapore, Australia, and USA and 20 further diversified stocking locations worldwide.
OEG manufactures and leases specialist Cargo Carrying Units which are essential items used by oil and gas operators and their service providers to transport equipment and supplies to and from rigs and platforms as part of their day-to-day offshore operations. In addition, OEG has a fleet of modular workspaces which serve as temporary offices or laboratories by engineers or other personnel undertaking work on offshore platforms or rigs.
John Heiton , CEO of OEG, said: “We have achieved significant growth in OEG to date, but our teams have the appetite to accelerate our further development through both organic and acquisitive means. We believe that KKR will be an excellent partner to achieve those aims, given their global network and experience as a leading investor in the energy services sector. We are delighted to co-invest with KKR to develop OEG into a leading global provider of field support equipment to the offshore energy industry.”
Dominic Murphy , Member and Head of KKR operations in the United Kingdom, and Josselin de Roquemaurel, Director and Head of Energy for KKR Europe, said: “OEG has built an impressive track record of growth and has an exciting development path ahead, expanding its fleet, geographic coverage, and suite of products and services. We are enthusiastic about partnering with John Heiton and his team who combine deep industry expertise with strong commercial acumen and relationships in the offshore oil and gas industry and logistics sector.”
KKR has a track record of successfully investing in growth companies servicing the global offshore energy sector, including investments in Acteon, RigNet, Avincis (Bond Aviation) and Weststar.
The financial details of the transaction were not disclosed.