Aberdeen’s OEG Group has been acquired by US fund manager Apollo in a deal that values the group for more than $1billion (£770m).
Apollo - which tried to buy Wood Group in 2023 - has acquired a majority stake in OEG from private-equity backer, Oaktree Capital Management, and other investors.
Although the size of the stake acquired was not revealed, Apollo said the transaction meant the group achieved a “headline valuation” of over $1billion, according to Energy Voice,
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, with 75,000+ units, enabling the safe transportation of essential cargo to and from offshore energy installations.
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 the 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."
Wilson Handler, Partner at Apollo, said: "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.
"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.