Offshore solutions outfit OEG Energy Group has signed a sale and purchase agreement (SPA) to acquire Dutch subsea and topside services specialist Bluestream Offshore.
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 €55m executed through an employee base of 55 people and more than 300 offshore subsea and topside specialists.
They provide services around surface supplied diving, remotely operated vehicles (ROVs), working at height, rope access and unmanned aerial vehicles (UAV).
In addition Bluestream has an in-house research and development department which it said aims to continually increase the quality of its services, most recently focusing on developing innovative and cost saving solutions for the renewables industry.
OEG said the acquisition will increase its 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.
Under the agreement, Bluestream will retain its established brand and operate as a subsidiary within OEG Renewables, expanding the division’s skilled workforce to over 500 people
The transaction is expected to close in late fourth quarter 2023, subject to receipt of regulatory approvals.
OEG chief executive John Heiton 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.”
Bluestream managing director Rolf de Vries 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.”