Market drivers continue to be robust in the offshore energy space as global energy markets react to increasing global demand for hydrocarbons in parallel with the need to achieve net zero and energy security goals.
Building on the momentum achieved in 2024, OEG is poised for continued growth and expansion in 2025. The Group intends to undertake an exercise to redefine its brand in 2025 to ensure that OEG’s brand encapsulates the complementary nature of its offshore energy services and appropriately reflects its values and USPs with its stakeholder audiences.
Expanding in the Renewables Market
Specifically for the Renewables market, OEG plans to further solidify its market position, supported by new opportunities presented from its expanded service offering and expansion into new international markets. The Group will continue to invest in its people, technology, and infrastructure to enhance its capabilities and deliver innovative solutions to clients.
OEG anticipates continued optimisation of its operating structures as it integrates its prior acquisitions to provide further capacity for growth, and ever-more integrated service packages to its diverse range of customers worldwide. OEG is well-positioned to capitalise on the growing global demand for sustainable energy solutions and maintain its leadership position in the CCU market.
Sustainable Growth Strategy
The Group will continue to grow organically, and through acquisition, expanding its service offering and operational footprint in existing and new markets. Sustainability remains a key focus as OEG continues its emissions reduction programme across its own footprint.
The diversity of OEG’s service offering and geographic footprint provides resilience to navigate macroeconomic headwinds in isolated markets, and the Company will remain agile in its approach to assess and respond to market factors.
Based on the supportive market drivers, the active tendering pipeline and the organic and inorganic growth expected to be delivered by the Group, OEG expects 2025 to be another year of top-line growth as it progresses toward its ambitious annual revenue target of $1 billion by the end of the decade.
Commenting on OEG’s performance and outlook, John Heiton, Chief Executive Officer, said:
“2024 was another strong year for OEG as we exceeded our strategic objectives and delivered further growth. The focus remains to build a more material business that is diversified across complementary energy markets, positioning itself to support both energy security and the energy transition in offshore activities.
In this regard, the strategic milestone of more than half of Group revenues being derived from offshore wind shows how rapid the scaling of those services has been. Furthermore, our geographic expansion continued as we entered new growth markets like South Korea, Japan and the Baltic Sea, which should yield long-term opportunities for OEG as we continue to export our service offering.
In parallel, we continue to invest in our CCU fleet and support capabilities, to ensure our customers’ ongoing production of energy. With energy security a priority topic for governments and societies around the world, we are proud to support our clients in servicing critical infrastructure that supports those socioeconomic objectives.
As we deliver our strategic growth, we increasingly recognise how our services collectively support the delivery of our purpose, which is to serve as a trusted partner for our customers and support secure, cleaner, safer and more efficient energy production.
“So, as we diversify into complementary markets, we are redefining our brand in 2025 to One Energy Group “OEG”, reflecting the unity of our business, our strong foothold and expertise across the global energy sector, and our commitment to the markets that we serve.”
