Key highlights for Q2 2026:
• Record Q2 performance with revenue of $188 m, up 25% year-on-year, and EBITDA of $51 m, up 21%
• Highest-ever quarterly cash flow of $39 m, with free cash flow conversion of 76% of EBITDA
• Offshore revenue increased 19% year-on-year, with EBITDA of $37 m and a 47% EBITDA margin
• Renewables revenue increased 30% year-on-year, with EBITDA increasing 28% to $18 m
• Awarded a six-year rental and service contract in Brazil and secured a major contract for OEG’s innovative subsea assembly methodology for the Gennaker Offshore Wind Farm
• Continued investment in operational capability, including a new regional headquarters in Louisiana, USA
• Available liquidity of $124 m at 30 June 2026, up $16 m year-on-year
Commenting on OEG’s performance and outlook, John Heiton, Chief Executive Officer, said: “Q2 was another strong quarter for OEG, delivering record second-quarter revenue and EBITDA alongside our highest-ever quarterly cash flow. Both divisions performed strongly. Offshore continues to benefit from robust rental activity and growth across our key international markets, while Renewables delivered strong year-on-year growth as we continue to expand our position in offshore wind operations and maintenance. 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. We enter the second half of 2026 with positive momentum and remain confident in the outlook for the Group.”
