Aberdeen headquartered OEG Energy Group is targeting reaching annual turnover of $1 billion (£800m) by the end of this decade.
The firm, which employs more than 300 people in the city, has revealed it expects to report revenue of £400 million for 2024.
OEG operates in Aberdeen with additional bases in Bridge of Don, Dyce, Portlethen and Kintore.
The company’s latest update said its renewables division now accounts for around 55% of overall revenue with OEG’s chief executive John Heiton describing it as “rapid scaling” in the sector.
‘Strong year for OEG’
The company, which employs more than 300 people in Aberdeen, moved to a new headquarters at The Stratus Building, within ABZ Business Park in Dyce, in December last year.
Through its offshore division, the company manufactures and supplies cargo carrying units and equipment.
Its renewables division delivers specialist technical solutions and services to support the life cycle of offshore wind farms.
Based on its active tendering pipeline and expected organic and inorganic growth, OEG expects 2025 to be another year of increased revenue.
It has an ambitious annual revenue target of getting to turnover of £800m by the end of the decade.
John Heiton, OEG’s chief executive, 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.”
OEG backing Aberdeen
OEG is backed by US private equity group Oaktree Capital Management.
It acquired OEG last year through its £3.95bn power opportunities fund, which targets investments across the energy supply chain, increasingly in the electricity transmission sector.
Since joining the fold at Oaktree, OEG has invested over £200m in buyouts, including deals for high voltage specialists, ONRG, and OPS Wind last year.
The company said moving to new Aberdeen global headquarters was a “significant milestone” underscoring its deep commitment to its local roots while serving as a launchpad for its ambitious global expansion in renewables and other offshore energy markets.
Conversation