Per Lund, CEO of Odfjell Oceanwind and Jon Barratt Nysæther, Project Development Manager at Odfjell Oceanwind:

Norway is currently refining its policy framework on offshore wind, a topic where Odfjell Oceanwind has strong opinions. The below text is a translated version of a debate post recently published in the main business newspaper for the electricity sector in the Nordic countries, Europower, as a comment to the ongoing discussions.

Picture: Europower

The leading Japanese renewable energycompany, ENEOS Renewable Energy (ERE) becomes a partner in the GoliatVIND project with a 20% interest, by acquiring a 20% shareholding in the project from Odfjell Oceanwind. With an aim of establishing renewable energy as Japan’s main source of power to achieve the country’s 2050 carbon neutral goal, ERE is the renewable arm of the Japanese energy giant ENEOS Holdings, Inc (formerly JXTG Holdings, Inc.). ERE develops diversified renewable energy sources, including solar, onshore and offshore wind, biomass, and hydropower. The new partnership on GoliatVIND is Source Galileo Norge (40%), Odfjell Oceanwind (20%), Kansai Electric Power (20%) and ERE (20%).

Mr Takashi Tada, Head of Renewable Energy Division in Kansai Electric Power and Mr Per Lund, CEO in Odfjell Oceanwind at the signing ceremony.

The leading Japanese utility company, Kansai Electric Power Company Ltd. (Kansai)is, through a private placement, becominga shareholder in Odfjell Oceanwind. With an annual production capacity of more than 85 TWh per year and 8,500 employees in more than 10 countries, Kansai is a largeglobal utility company with electricity production from nuclear, coal, natural gas, hydro power, wind and solar power plants. Following their entry into Odfjell Oceanwinds floating offshore wind projects GoliatVIND and UtsiraVIND in 2023, Kansai now becomes OOWs third largest shareholder after the Odfjell family and the Japanese shipping giant Mitsui O.S.K. Lines, Ltd (MOL).  

Odfjell Oceanwind, together with its partners Source Galileo Norge and Kansai Electric Power Company, has received 2 billion nok (approximately 190 million usd) in capex grant for the GoliatVIND project. GoliatVIND is a 75 MW demonstration project for floating offshore wind. The project has selected Odfjell Oceanwind’s Deepsea Star™ semisubmersible foundation technology and will use Odfjell Oceanwind’s supply chain.

Odfjell Oceanwind, together with the leading automation and manufacturing expert Prodtex, have established a joint venture to address what is expected to become one of the biggest bottlenecks in scaling the floating offshore wind industry: low cost and high-capacity manufacturing of foundations for floating wind turbines. The joint venture is created to establish the production capacity necessary to meet the need for hundreds of floating wind foundations per year in Europa alone and is looking to have its first facility operational by 2027. Recently, the industry veteran Geir Bjørkeli, former CEO of Corvus Energy, has been appointed to head up the venture.

The project can add 320 GWh of renewable energy to the Hammerfest region. The park is planned to be in operation in 2027 so that the experience can be used further in Norway's floating offshore wind investment, including at Utsira Nord.

The great paradox in de-carbonisation of oil and gas with floating wind

Following a recent private placement, Mitsui O.S.K. Lines, Ltd. (MOL) has become a shareholder in Odfjell Oceanwind, thus becoming an important strategic partner to the company. MOL is one of the largest shipping companies in the world with headquarter in Tokyo, Japan. The transaction generates significant capital which will be used to further strengthening Odfjell Oceanwind’s position as a global leader and frontrunner in floating offshore wind technologies. Odfjell Technology Ltd. combined with the Odfjell family’s direct investment will remain the largest shareholder in the company.

The transaction team at the signing ceremony in Oslo.