M&A activity in energy services is expected to remain resilient in 2026, driven less by commodity cycles and more by the need for scale, capability depth, and diversification across energy markets.
As operators in oil & gas, offshore wind and emerging energy segments maintain capital discipline, services companies are increasingly using M&A to strengthen their competitive positioning and broaden their relevance across multiple energy pathways.
Geopolitical and policy uncertainties are likely to influence the overall dynamics of M&A activity, but with energy security high on the agenda, we expect the energy services space to remain buoyant on a global scale.
Oil & Gas Services: Consolidation and Integration
In oil & gas services, 2026 deal activity is expected to focus on consolidation within fragmented niches and vertical integration across the service value chain. Operators continue to prioritise cost control and asset life extension, favouring service providers that can deliver bundled, end-to-end solutions.
Key trends include:
- Fragmented segments continuing to consolidate: Subsea inspection and maintenance, drilling support, and facility services remain fragmented. Buyers are aggregating complementary offerings to achieve scale and improve utilisation rates across cycles.
- Integrated service delivery: Operators increasingly seek single-partner solutions that combine engineering, fabrication, installation and lifecycle maintenance. M&A is a primary method to close capability gaps and reduce contractual complexity.
- Tech-enabled service differentiation: Businesses with digital tools – predictive analytics, remote monitoring, automation – are attracting strategic interest as operators demand insight-based service delivery rather than commoditised labour.
This reflects a shifting buyer mindset: prioritising cash flow quality and operational resilience over top-line expansion alone.
Larger diversified services groups are also expected to continue portfolio optimisation, creating carve-out opportunities for private capital and strategic buyers.
Offshore Wind Services: Platform Building and Execution Capability
Offshore wind remains a key growth market for energy services M&A, though the emphasis in 2026 is shifting from market entry to execution capability and risk management.
Key trends include:
- Platform acquisitions that combine marine assets, installation, electrical, and O&M services
- Roll-ups of specialist contractors to achieve scale and bid competitiveness
- Continued crossover from oil & gas services, leveraging offshore execution expertise and vessels, particularly as the floating wind sector begins to emerge and existing expertise with floating assets will become increasingly important.
As offshore wind fleets mature, M&A interest is increasingly focused on operations and maintenance, inspection, and lifecycle services, which offer recurring revenues and lower construction risk.
Multi-Energy and Transition Services: Strategic Diversification
A defining theme for 2026 is the rise of multi-energy services companies. Customers increasingly expect contractors to support both traditional and low-carbon assets, prompting M&A-driven diversification.
Attractive targets include:
- Electrification, offshore power, and grid-adjacent services
- Emissions monitoring, integrity management, and carbon-related services
- Engineering and project services applicable across oil & gas, wind, CCS and hydrogen
Rather than betting on a single energy outcome, services companies are acquiring transferable capabilities that provide flexibility across markets.
Private Capital and Deal Dynamics
Private equity and infrastructure investors remain highly active, particularly in fragmented service segments suited to buy-and-build strategies. Deal structures in 2026 are expected to remain disciplined, with a strong focus on backlog quality, contract visibility, and integration execution amid higher financing costs.
Outlook
In 2026, M&A in energy services is less about growth for its own sake and more about building resilient, scalable and diversified supply-chain businesses. Companies that combine operational depth, lifecycle services and cross-energy relevance will be best positioned to win work – and M&A will remain a central tool in achieving that positioning.
