OEG, a company in the offshore energy services sector, has secured $140 million in dedicated funding to further expand its renewable energy division.
This funding offers the company the flexibility to refinance existing bonds and bolstered liquidity to “pursue strategically complementary opportunities within its active M&A pipeline which has an emphasis on offshore renewables”.
OEG stated that its renewables branch, OEG Renewables, has experienced significant growth and is actively assisting various companies in the execution of substantial offshore energy projects.
The organization stated “The offshore wind and ocean energy (tidal, wave) market has a growing role to play in decarbonising global energy supply, and by providing essential services to the operators of offshore energy infrastructure, OEG supports critical market themes of Energy Security and responsible Energy Transition.”
The $140 million in total commitments consist of a $36 million Term Loan B (TLB) draw and a $104 million Revolving Credit Facility (RCF).
The RCF is extended by NatWest, Citi, and Santander, while the TLB is provided by NatWest, Citi, Santander, and Goldman Sachs.
This financing comes on the heels of OEG’s earlier announcement regarding its partnership with investment funds managed by Oaktree Capital Management.
John Heiton, CEO of OEG, 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.”
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