This move marks OEG’s fifth acquisition of the year and eleventh since 2020, signalling its aggressive growth trajectory, particularly within its OEG Renewables division.

With Bluestream’s annual turnover exceeding €55 million (around £48m) and a workforce comprising approximately 55 employees and over 300 offshore specialists, OEG is set to bolster its presence in the burgeoning European offshore renewables sector.

The integration of Bluestream’s expertise, notably in surface diving, ROV technology, and aerial unmanned vehicles, into OEG’s portfolio, aligns with the EU’s ambitious goal to double the current offshore energy capacity by 2030. Bluestream, which will continue to operate under its established brand as an OEG subsidiary, contributes a strong brand reputation and a significant role in offshore renewables, particularly in the Southern North Sea.

John Heiton, OEG’s CEO 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.”

The transaction, poised for completion in late Q4’23 pending regulatory clearances, will expand OEG’s workforce to over 500.

Rolf de Vries, managing director of Bluestream, added: “Becoming part of OEG Group and leveraging its global footprint 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 chain for 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.”