Aberdeen-based firm targets significant growth in renewables and offshore markets
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Aberdeen-headquartered OEG Energy Group has set its sights on achieving an impressive annual turnover of $1 billion (£800 million) by the end of this decade. The company, which employs over 300 individuals in the region, has announced an anticipated revenue of £400 million for the year 2024, marking a significant milestone in its growth trajectory.
Expansion and growth in the renewables sector
OEG operates multiple bases in Aberdeen, including Bridge of Don, Dyce, Portlethen, and Kintore. The latest company update reveals that its renewables division now constitutes approximately 55% of its total revenue. Chief Executive John Heiton describes this shift as a period of “rapid scaling” within the sector, highlighting the company’s commitment to diversifying its operations and enhancing its market presence.
Strategic investments and new headquarters
In December of the previous year, OEG moved to a new headquarters located at The Stratus Building within the ABZ Business Park in Dyce. This relocation is seen as a pivotal step in reinforcing the company’s local roots while simultaneously facilitating its ambitious global expansion plans in the renewables and offshore energy markets. Through its offshore division, OEG manufactures and supplies cargo-carrying units and essential equipment, further solidifying its role in the energy supply chain.
Future outlook and revenue targets
Looking ahead, OEG anticipates that 2025 will be another year of increased revenue, driven by its active tendering pipeline and expected organic and inorganic growth. The company has set an ambitious target of reaching £800 million in annual revenue by the decade’s end. John Heiton emphasized the importance of building a more substantial business that is diversified across complementary energy markets, which is essential for supporting both energy security and the transition to renewable energy sources.
OEG’s strategic milestone of deriving more than half of its group revenues from offshore wind demonstrates the rapid scaling of its services in this area. Backed by US private equity group Oaktree Capital Management, which acquired OEG last year through its £3.95 billion power opportunities fund, the company has invested over £200 million in buyouts, including high voltage specialists ONRG and OPS Wind. This financial backing positions OEG strongly for future growth and innovation in the energy sector.
