OEG To Acquire Bluestream Offshore

OEG Energy Group, a leading offshore solutions business, is pleased to announce that it has signed a Sale and Purchase Agreement ("SPA") to acquire Bluestream Offshore B.V ("Bluestream") a specialist in subsea and topside services based in The Netherlands for an undisclosed consideration.

Bluestream, headquartered in Den Helder in The Netherlands is an offshore contractor providing specialist technical services above and below the waterline to a roster of blue-chip clients within the energy sectors. Bluestream has a turnover in excess of €55 million executed through an employee base of c55 people and more than 300 offshore subsea and topside specialists. They are highly skilled in surface supplied diving, Remotely Operated Vehicles (ROVs), working at height, rope access and Unmanned Aerial Vehicles (UAV) providing clients with tailored solutions during the installation, maintenance and decommissioning of their offshore assets. In addition Bluestream has an inhouse research and development department, aiming to continually increase the quality of its services most recently focusing on developing innovative and cost saving solutions for the renewable industry.

Highlights:

• The acquisition will increase OEG's subsea and topside capabilities while expanding its operating footprint to be able to pursue further opportunities in the growing offshore renewables industry in Mainland Europe through Bluestream's existing strong reputation
• This is the fifth acquisition to be made this year, and the eleventh since OEG began growing OEG Renewables in 2020, demonstrating the ambition to rapidly build a market leader well positioned to capitalise on the long-term opportunities in the sector.
• Strong growth outlook for European offshore energy with EU targets aiming to double current installed capacity by 2030 providing significant opportunities in both the installation and O&M market as the assets age.
• Bluestream is a highly respected and recognised brand which has established itself supporting offshore projects with major operators in the Southern North Sea with an increasingly prominent role in the offshore renewables sector.
• Bluestream to retain established brand and operate as a subsidiary within OEG Renewables, expanding the division's skilled workforce to over 500 people
• Transaction expected to close in late Q4'23 subject to receipt of regulatory approvals

John Heiton, OEG's Chief Executive Officer said:

We are delighted to welcome Bluestream Offshore to the OEG Group. This value-accretive and strategically complementary acquisition will further strengthen OEG's service offering and operating footprint in the growing European offshore energy market. This is in line with our strategy to make value enhancing acquisitions to position OEG as the leader in the provision of mission-critical services and solutions supporting the energy transition.

Rolf de Vries, Managing Director of Bluestream said:

Becoming part of OEG Group and leveraging its globalfootprint will help Bluestream increase the value proposition to the offshore energy market. Both OEG and Bluestream share the same values and commitment to provide the highest quality services possible with the health and safety of our colleagues, clients and environment as a core priority. OEG has done a great job of establishing itself as a valued partner in the supply chainfor offshore wind, and this merger will further enhance that status and open up new opportunities for the Group within the growing European offshore renewables industry.