By Daniella Parra

Apollo Funds said it will acquire a majority stake in OEG Energy Group, an offshore energy services provider, from Oaktree Capital Management and other investors in a deal valued at over $1 billion.

OEG, which has operated for over 50 years, provides core services to the offshore oil, gas and wind sectors, including a fleet of over 75,000 cargo carrying units, it said.

“Since our company’s founding, we have worked hard to establish OEG as a global leader in delivering core services throughout the offshore energy value chain,” John Heiton, CEO of OEG, said. “As energy producers across Europe and around the globe continue to invest in energy transition, we are committed to expanding and enhancing our capabilities as a key partner.”