Following a recent private placement of 100 mnok, we are pleased to announce that TrønderEnergi and The Blystad Group are new shareholders in Odfjell Oceanwind. The two new shareholders will each hold a 10% ownership in the company following completion of the private placement and will be represented in the board of directors. As part of the transaction a strategic cooperation agreement has been signed between Odfjell Oceanwind and TrønderEnergi, where the two companies will explore synergies in technology development, procurement and operations. Odfjell Drilling and the Odfjell family also participated in the placement and remain the largest shareholders.
The private placement will secure growth capital for Odfjell Oceanwind in its venture towards developing a fleet of Mobile Offshore Wind Units (MOWUs) with the primary purpose of electrifying oil and gas installations, as an alternative or complement to power from shore. Odfjell Oceanwind’s MOWUs in combination with the proprietary WindGrid™ hybrid power module can realise more than 60% reduction in fossil fuels used for power generation and is an attractive solution for reducing carbon footprint in oil and gas production activities. The building program for the first series of MOWUs based on Odfjell Oceanwind’s own Deepsea Semi™ 15MW floating wind foundation is expected to be initiated later in 2022 with an anticipated deployment to the Norwegian Continental Shelf in 2024.
The capital will also be used to position the company as a supplier and partner in the rapidly growing market of permanent floating wind farms. Odfjell Oceanwind’s Deepsea Semi™ harsh environment floating wind foundation with associated grid solutions is expected to be a strong contender for wind park developments like Scotwind, where 15GW of floating wind power license option agreements were recently awarded. Further, the planned Utsira Nord wind farms represent an opportunity where Odfjell Oceanwind is well positioned to deliver its proprietary solutions, including an established supply chain in Norway.
“TrønderEnergi and Blystad are two quality investors that perfectly complements our existing owners”, says CEO Per Lund. “TrønderEnergi comes with a vast experience in developing and operating wind farms, and with proprietary technologies that are equally applicable for use on our floating wind units. We have had a great cooperation with TrønderEnergi for a while and look forward to exploring the synergies furthermore. The Blystad Group is a well-recognised investor with strong track-record in creating shareholder value over time. With background and legacy from shipping and offshore, and with the recent investments in the wind industry they bring valuable competence and experience. Combined with the offshore harsh environment and operational expertise of Odfjell Drilling, these two new owners are a perfect strategic fit for us.”
“During the last years TrønderEnergi have nearly doubled our production of renewable energy, and are the number two player in wind power production onshore in the Nordic region. We have developed a unique knowledge about wind power production, and we think the time is right to transfer that knowledge into offshore wind power production through Odfjell Oceanwind. Electrification of oil and gas operations will demand a lot of renewable energy. The plans for producing this energy offshore, near the oil and gas installations, is undoubtedly a very good alternative to power from shore”, says CEO in TrønderEnergi Ståle Gjersvold.
“We look forward to being an active and long term investor in Odfjell Oceanwind. We believe the floating offshore wind market will see super growth in the coming years, supported by a growing need for renewable energy and fuelled by a strong political desire to make it happen. Odfjell Oceanwind’s solutions show that floating wind technologies are developing quicker than most people can imagine. The ambition of electrifying the Norwegian Continental Shelf, as a start, can be realized now and as Odfjell Oceanwind says «it’s a Wind Win». We cannot think of any other company that is better positioned to lead this development”, says CEO in The Blystad Group Fredrik Platou.
-----------
TrønderEnergi is a Norwegian utility company with 70 years track record from production of renewable energy. As Norway’s second largest operator of onshore wind power it operates more than 1GW installed effect and 230 wind turbines. It is a technology leader in operation and maintenance of wind farms with a portfolio of solutions for production optimization and predictive maintenance based on proprietary software and artificial intelligence (AI). For more information visit www.Tronderenergi.no.
The Blystad Group is a recognized Norwegian investor group controlled by Arne Blystad. It is the second largest shareholder in Seaway 7, a global leader in the delivery of bottom-fixed offshore wind farm solutions.
Odfjell Oceanwind is a Norwegian floating wind power technology company. In combination with wind turbine generators from its partner Siemens Gamesa and power systems from Siemens Energy it delivers complete, ready to operate floating wind units based on its own proprietary solutions and designs. For more information visit www.odfjell-oceanwind.com.
-----------
For more information, please contact Per Lund, CEO in Odfjell Oceanwind at
plu@odfjell-oceanwind.com / tel +47 91874363.