Equinor extends its agreements with Modex Energy by five years

Equinor extends its agreements with Modex Energy by five years. Modex Energy will deliver containers and tanks via the supply bases in Dusavik, Mongstad, Kristiansund, Sandnessjøen and Hammerfest until autumn 2028.

“The fact that we now have an extension beyond the original framework of the contracts is a fantastic recognition. We are proud and humbled to be shown this trust by our largest customer and partner Equinor. And I am proud to be part of the team at Modex, which through commitment and effort makes this possible.

Our cargo handling equipment is one of the essential cogs in the supply of energy production in the North Sea and the energy supply to Europe. We will continue to do our utmost to deliver safe cargo handling equipment and excellent service.

We are also working on digitalisation and simplification of processes in close collaboration with Equinor and other players in the supply chain. The goal is to contribute significantly to sustainable logistics and reduced environmental impact”says Jens Petter Broch, General Manager of Modex.

For further information, please contact: Jens Petter Broch, General Manager of Modex Energy, +47 913 86 556. Modex Energy is part of the OEG Offshore group of companies.

Image: Rental supply of DNV containers, baskets and tanks to Equinor ASA

OEG to Drive Ambitious Growth Agenda in Energy Transition and European Energy Security

Aberdeen, 10 March 2023: UK-based OEG Offshore (“OEG”) has announced its partnership with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leader among global investment managers specializing in alternative investments. The partnership will further accelerate OEG’s growth plans in the energy and renewables sector in the UK and worldwide, in support of accelerating the global energy transition agenda as well as European energy security.

The partnership is a vote of confidence in OEG’s long-term strategy. To drive its ambitious growth plans, OEG expects to invest further in its renewables offering, including adding to its 1,000-strong global workforce, 200 of which are based in Aberdeen, Scotland. Oaktree will also continue to support OEG to build on the company’s strong acquisition track record, extending its services portfolio.

John Heiton, CEO of OEG Offshore said: “This partnership marks a new chapter for OEG and signals the group’s commitment to expanding its business and global reach, while entering new and exciting markets. We will continue to provide the same first-class service to our valued clients as we build and enhance our integrated offering, resulting in increased efficiencies for customers. With Oaktree’s support we will continue to invest in research and development to strengthen our offering, organically and through acquisitions. As a UK-headquartered business with global operations, this announcement underscores our commitment to the energy transition in creating a cleaner, greener future.”

Francesco Giuliani, Managing Director and Assistant Portfolio Manager of Oaktree’s Power Opportunities strategy, said: “We are pleased to be partnering with OEG, a fast-growing international energy services company with a strong presence in offshore wind. We look forward to working with OEG’s management team whom we have known and respected for many years, supporting the company’s growth and accelerate its presence in the energy transition.”