OEG Energy Group Limited ("OEG", the "Group"), a leading offshore solution business, is pleased to announce that the Group has raised $140m of new committed financing in the bank market on competitive terms. The proceeds of the financing provide flexibility to refinance outstanding bonds and enhanced liquidity to pursue strategically complementary opportunities within its active M&A pipeline which has an emphasis on offshore renewables.
Commenting on the update, CEO John Heiton said:
"This financing provides OEG with further firepower, optionality and flexibility to better pursue its growth objectives. The quality of the banks that have participated in the syndicate reflects OEG's leading position in the market and the trust that stakeholders have in our business model, growth prospects and ability to play a meaningful role within the global energy transition.
The global energy industry is changing and OEG has adapted its business accordingly to ensure we are well positioned to provide critical high-value services tailored to address offshore challenges to the rapidly growing offshore wind and ocean energy industry. We have already established ourselves as a key player in the development, construction and maintenance of offshore wind farms in core European markets through a number of strategic acquisitions in recent years, and we will continue on this strategic path as this is a market in which we see sustainable long-term growth for our business and this outlook is supported by the build out targets for offshore wind capacity.
OEG is passionate about its role in supporting a responsibly managed energy transition and also champions the importance of energy security - both of which have huge socioeconomic impacts for governments and their citizens. We see exciting growth opportunities to expand our service offering in the offshore wind market and will utilise the proceeds of this financing, alongside the strong cash generation from the wider business, to maintain the Group's acquisitive growth strategy as we seek to enhance our profile and reputation as a leading provider of mission-critical logistics equipment solutions that provide an essential shield for the energy supplies that secures a better future for us all."
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