Apollo Global agreed to acquire a majority stake in OEG Energy Group, a global offshore energy services provider, in a deal that values the business at approximately $1bn. 

The transaction marks a significant private equity play in the energy services sector, with current owner Oaktree Capital Management and other investors retaining a minority interest.

OEG delivers operational and development solutions to both oil and gas and offshore wind markets. The company operates one of the world’s largest fleets of cargo carrying units, with more than 75,000 units in operation. Its renewables division offers integrated technical services to the offshore wind sector, supporting the broader energy transition.

The acquisition further underscores Apollo’s growing focus on climate and energy transition-related investments. Over the last five years, Apollo-managed funds and affiliates have committed or arranged roughly $58bn across clean energy and infrastructure projects.

The deal is expected to close in the second quarter of 2025, pending regulatory approvals and other customary closing conditions. Banco Santander served as financial adviser to Apollo, with Vinson & Elkins providing legal counsel. Goldman Sachs International advised Oaktree, while Gibson, Dunn & Crutcher and Latham & Watkins provided legal support. White & Case acted as legal counsel to OEG’s management team.

Apollo’s move to take control of OEG highlights the continued interest from private equity firms in energy services platforms positioned to benefit from long-term shifts in global energy infrastructure.