We are fast approaching a potential inflection point for the U.S. offshore wind industry, the November 2024 elections.On the positive side of the scale, federal and state leases supporting approximately 63 gigawatts (GW) of offshore wind capacity have been awarded to developers on the East Coast…
Whereas the foundations of commercial offshore wind development are found in Europe (and Europe will remain the largest overall regional market for offshore wind activity in the coming decade), the rapid development of the large East Asia and…
U.S. offshore wind aspirations, both federal and state, have resulted in excitement about the potential opportunity of a large U.S. offshore wind market. But uncertainty, initially financially driven and increasingly a result of political uncertainty…
Examining similarities and differences between the deepwater oil & gas and the emerging floating wind segment.There has been much excitement around the potential for the offshore wind industry to access deeper water sites through the deployment of floating wind technology…
It certainly has been an active few months in the U.S. offshore wind space.Despite some ongoing issues, the fundamentals are looking surprisingly positive in the context of what has taken place over the last 12 months. In fact, the key concern…
At a high-level, there are three solutions to transferring technicians from shore bases to offshore wind farms for construction and O&M activities: crew transfer vessel (CTV), helicopter, and SOVs/CSOVs.SOVs and CSOVs generally house 60-120 technicians offshore for a few weeks at a time…
As we enter a New Year, the memories of the shocks to the foundations to the U.S. offshore wind segment remain fresh. In short, supply chain inflation and capacity/availability, interest rate increases, and tax credit monetization have been…
The U.S. Maritime Administration (MARAD) has recently announced an amendment to the Federal Ship Financing Program, commonly referred to as Title XI. The amendments have aligned the program’s financial requirements and tests with common current federal credit and maritime lending best practices…
Despite short-term obstacles driven by high inflation and interest rates coupled with supply chain issues, we maintain that the foundations supporting long-term offshore wind activity remain solid. As we prepare for the new year, let us look…
The U.S. offshore wind market presents a $1 billion long-term opportunity to builders of crew transfer vessels (CTV) and service operation vessels (SOV) that will support both wind farm construction and long-term operations and maintenance.…
Global floating wind capacity will have grown from less than 200 MW at the end of 2022 to around 61 GW of grid connected capacity by 2035. This activity will require over $250 billion in capital expenditure. Over 75% of the forecast activity is expected to come from four countries…
Much has been written recently about the challenges facing U.S. offshore wind projects, resulting in requests to terminate or renegotiate contracts to sell power to states. Examples of these challenges can be found from Massachusetts to Virginia…
Only one of three available areas was sold during the United States' first ever offshore wind lease sale in the Gulf of Mexico on Tuesday.The auction, held by the Interior Department's Bureau of Ocean Energy Management (BOEM) offered up three sites for offshore wind development…
A fleet of newbuild specialized anchor handlers will be required to help build up the emerging floating offshore wind industry. But since the industry is still in its early days, many unknowns have made it difficult for shipyards and their partners to gear up to build this fleet…
The energy transition is moving ahead amid recovery in offshore oil & gas and growth in offshore wind, leaving vessel owners that serve these markets with big questions about energy carrier and energy converter selection for their newbuilds…
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