Britain's OEG to buy Dutch offshore technical contractor Bluestream

UK offshore equipment and services business OEG Energy Group Limited said today it has agreed to acquire Bluestream Offshore BV, a Dutch technical services contractor operating in the oil and gas and renewable energy markets.

With the deal, OEG Energy aims to expand its subsea and inspection capabilities and gain better access to the offshore renewables industry in Mainland Europe, it said without providing financial details about the proposed transaction.

Den Helder-based Bluestream focuses on the provision of a wide range of subsea and topside services such as surface-supplied diving, Remotely Operated Vehicles (ROVs), working at height, rope access and Unmanned Aerial Vehicles (UAV). The company has an in-house research and development department dedicated to the development of innovative solutions for the renewables industry. With revenues of over EUR 55 million (USD 60.1m), Bluestream currently employs 55 people.

“This value-accretive and strategically complementary acquisition will further strengthen OEG’s service offering and operating footprint in the growing European offshore energy market,” said John Heiton, CEO of OEG Energy.

Bringing its “increasingly prominent role in the offshore renewables sector,” Bluestream will be run as a subsidiary of OEG Renewables once the deal closes, which is expected to happen late in the fourth quarter.

(EUR 1.0 = USD 1.093)

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