OEG is pleased to provide the following summary of 2024 performance and strategic objectives for 2025.
2024 Strategic Highlights:
- Strong financial performance with revenues expected to be over $500million for FY'24.
- Diversification milestone: in 2024 achieved key strategic milestone with renewables projects estimated to account for around 55% of OEG’s Group revenue.
- Senior leadership appointments in the period include Tom Murray as CFO and Ricardo Rosa as non-executive chairman.
- Strengthened corporate offering with senior hires across its commercial, operations, data analytics, finance, legal, marketing and sustainability teams.
- Established new corporate HQ in Aberdeen to accommodate an expanded group support team and enhance service delivery.
- Strengthened balance sheet through issuance of a new listed Bond to provide additional capital and market access to support capital requirements of a growing and expanding business.
- Acquisition growth momentum: Two acquisitions in 2024 taking the total to 14 since 2021.
- Enhanced sustainability agenda: implemented new data collection and reporting capabilities and invested over $1million in sustainability led investments across the group.
2024 Operational Highlights:
- Expanded operating presence, now employing over 1,300 skilled personnel, located around the UK and globally, representing a 30% increase since 2023.
- Advanced value proposition and operational global footprint in the renewables sector, firmly positioning OEG as a leader in the provision of integrated services and products for the full lifecycle of offshore energy assets.
- Strengthened global leadership position in the provision of Cargo Carrying Units (CCUs) with continued expansion of international operations spanning 65 locations across six continents.
- Focus on innovation resulting in the delivery of various new subsea technologies including the world’s first all-electric controlled flow excavation (E-CFE) system, a multi-million-dollar investment by OEG, which achieved its first operational success during the year and is now being deployed in the global subsea and cables markets.
- New markets: expanded geographic presence in Europe, Middle East, Asia Pacific and the Americas, including first project undertaken in South Korea and the forging of a strategic partnership in Japan with Sojitz.
2025 Outlook: Another year of growth of financial and operational KPIs
Market drivers continue to be robust in the offshore energy space as global energy markets react to increasing global demand for hydrocarbons in parallel with the need to achieve net zero and energy security goals.
Building on the momentum achieved in 2024, OEG is poised for continued growth and expansion in 2025. The group intends to undertake an exercise to redefine its brand in 2025 to ensure that OEG’s brand encapsulates the complementary nature of its offshore energy services and appropriately reflects its values and USPs with its stakeholder audiences.
Specifically for the renewables market, OEG plans to further solidify its market position, supported by new opportunities presented from its expanded service offering and expansion into new international markets. The group will continue to invest in its people, technology, and infrastructure to enhance its capabilities and deliver innovative solutions to clients.
OEG anticipates continued optimisation of its operating structures as it integrates its prior acquisitions to provide further capacity for growth, and ever-more integrated service packages to its diverse range of customers worldwide. OEG is well-positioned to capitalise on the growing global demand for sustainable energy solutions and maintain its leadership position in the CCU market.
The group will continue to grow organically, and through acquisition, expanding its service offering and operational footprint in existing and new markets. Sustainability remains a key focus as OEG continues its emissions reduction programme across its own footprint.
The diversity of OEG’s service offering and geographic footprint provides resilience to navigate macroeconomic headwinds in isolated markets and the company will remain agile in its approach to assess and respond to market factors.
Based on the supportive market drivers, the active tendering pipeline and the organic and inorganic growth expected to be delivered by the group, OEG expects 2025 to be another year of top-line growth as it progresses toward its ambitious annual revenue target of $1billion by the end of the decade.
John Heiton, chief executive officer
Commenting on OEG’s performance and outlook, John Heiton, chief executive officer, said: “2024 was another strong year for OEG as we exceeded our strategic objectives and delivered further growth. The focus remains to build a more material business that is diversified across complementary energy markets, positioning itself to support both energy security and the energy transition in offshore activities.
"In this regard, the strategic milestone of more than half of group revenues being derived from offshore wind shows how rapid the scaling of those services has been. Furthermore, our geographic expansion continued as we entered new growth markets like South Korea, Japan and the Baltic Sea which should yield long-term opportunities for OEG as we continue to export our service offering.
"In parallel, we continue to invest in our CCU fleet and support capabilities, to ensure our customers ongoing production of energy. With energy security a priority topic for governments and societies around the world, we are proud to support our clients in servicing critical infrastructure that supports those socioeconomic objectives.
"As we deliver our strategic growth, we increasingly recognise how our services collectively support the delivery of our purpose, which is to serve as a trusted partner for our customers and support secure, cleaner, safer and more efficient energy production. So, as we diversify into complementary markets, we are redefining our brand in 2025 to One Energy Group 'OEG' reflecting the unity of our business, our strong foothold and expertise across the global energy sector and our commitment to the markets that we serve.”