Aberdeen-based offshore energy services group OEG has reported record second-quarter revenues and earnings, buoyed by continued growth in both its traditional offshore business and its expanding renewables operation.
The company said revenue for the three months to the end of June rose 25% year-on-year to $188 million (£141m), while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 21% to $51m. It also generated its highest-ever quarterly cash flow of $39m.
Chief executive John Heiton said the group's performance reflected strong activity across both sides of the business.
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“Q2 was another strong quarter for OEG, delivering record second-quarter revenue and EBITDA alongside our highest-ever quarterly cash flow,” he said, adding: "Importantly, our earnings growth is translating into strong cash generation while we continue to invest selectively in the assets, people and infrastructure required to support future growth."
The offshore division, which supplies logistics equipment and specialist services to the energy industry, increased revenue by 19% to $78m and delivered EBITDA of $37m. Meanwhile, the renewables division recorded a 30% rise in revenue to $110m, with EBITDA increasing 28% to $18m.
Among the quarter's contract wins were a six-year rental and service agreement in Brazil and a major award connected to the Gennaker offshore wind farm in Germany, where OEG will deploy one of its specialist subsea assembly methodologies.
The company also continued investing in its international footprint, opening a new regional headquarters in Louisiana to support operations in the Gulf of Mexico and the wider Americas market.
For the first half of 2026, OEG reported revenue of $310m, up 18% on the same period last year, while EBITDA reached $82m. The group ended June with available liquidity of $124m, an increase of $16m year-on-year.
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The latest figures mark another milestone in OEG's transformation from a North Sea-focused logistics specialist into a diversified global energy services business with a significant presence in offshore wind.
Founded in 1973 and headquartered in Aberdeen, OEG now employs more than 1,500 people and operates in over 65 countries. The group has expanded rapidly through a combination of organic growth and acquisitions, particularly in the renewables sector, while also strengthening its position in offshore oil and gas services.
Last year the business was acquired by funds managed by Apollo Global Management in a deal valued at more than $1 billion, before going on to complete the acquisition of US-based Trinity Rental Services, a transaction that almost doubled the size of its American operations.
Looking ahead, Mr Heiton said OEG entered the second half of the year with “positive momentum” and remained confident in the group's outlook as it continues to invest in assets, infrastructure and personnel to support future growth.
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