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OEG to bulk up fleet by £13.4m

OEG to bulk up fleet by £13.4m

Cargo and cabin specialist OEG Offshore has announced plans to invest a record £13.4million to expand its rental fleet.

The Aberdeen-based company – which provides offshore cargo carrying units (CCUs) and other equipment to the oil and gas industry around the world – said the majority of the investment will support international customer demand.

Up to £3million of the firm’s capital expenditure has been committed to a fleet of around 200 transportable offshore tanks.

These will include chemical tanks and Jet A-1 heli-fuel tanks, which can store and transport aviation fuel.

John Heiton, chief executive of OEG Offshore, said: “This significant investment will ensure we continue to provide a full range of flexible and high-quality products to our global customers.

“Our full range, tailored to the size and specification our customers require to satisfy their operational needs, can be obtained on a sales or rental basis from our 20 bases strategically located around the world.

“This record investment will allow OEG to respond quickly to supply chain demand as the production of global oil and gas increases, supported by one of the largest, most diverse and modern fleets of specialised containers, engineering cabins and other equipment.” OEG designs, manufactures, sells and leases products in more than 25 countries, with a team of more than 100 staff operating from 20 main bases in Europe, North America, West Africa, Asia Pacific and Australia. The Dyce-based firm was formed in 2012 through the merger of Continental Offshore and Vertec Engineering.

In 2012, London-based private-equity firm Lonsdale Capital Partners sold OEG’s parent company, Offshore Containers Holdings, to Cyprus-registered group Morcell.

The value of the deal was not disclosed, but Lonsdale said it received nearly five times its investment in the business.