Offshore services supplier OEG has opened its new headquarters in Aberdeen, where it now employs 250 people following a run of acquisitions.

The company, which is looking to double annual revenue to £800 million within the next five years, said the multi-year lease on the Stratus Building at ABZ Business Park in Dyce amounts to a seven-figure investment in accommodation for up to 100 members of staff. Others will continue to work from the company's former corporate office in Kintore plus three further operational bases in Aberdeenshire.

The move follows a year of "exceptional" growth for OEG, which has increased its headcount by 300 to more than 1,300 people across 65 locations world-wide. Its Aberdeen workforce has grown by approximately 20% during that time.

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This has been driven by diversification into the offshore wind sector fuelled by US investment group Oaktree Capital, which took a controlling stake in the business in March 2023. This has been backed by a $140m (£112m) term loan and revolving credit facility from a syndicate of banks secured in October of that year.

“Moving into a new global headquarters is another exciting milestone in the evolution of our business and reinforces our 50-year commitment to Aberdeen," said John Heiton, OEG's chief executive. "As we continue to grow our UK and global business, this investment underscores our dedication to the city that remains at the heart of our operations.

“2025 looks set to be another year of strong growth for OEG. With a strengthened leadership team and a clear strategy, we are on track to deliver revenue in excess of £400m for 2024 and aiming to achieve £800m turnover within the next five years, driven by our expanding global footprint and enhanced capability to deliver fully integrated service solutions to energy clients worldwide.”

The company's traditional offshore division is a market leader in the supply of cargo carrying units and associated equipment. Its renewables division, which now generates more than half of group revenue, delivers specialist technical solutions and services to support the lifecycle of offshore wind farms.

The latter has been bolstered by the acquisition of 14 companies since 2020, including high voltage specialists ONRG and OPS Wind earlier this year. The renewables division now has substantive footholds in offshore wind markets across the UK and Taiwan, and is establishing itself in regions including South Korea and the United States. 

OEG is majority-owned by Oaktree, which also lists Glasgow-headquartered temporary power specialist Aggreko among its portfolio of companies. About 10% of the equity in OEG is owned by members of its management team.