Aker Solutions aims to adjust its portfolio of products and technologies to include more renewable energy and low-carbon technologies over the next decade, Norway's largest oilfield services firm said on Wednesday.
While oil and gas will remain its biggest market, the company said it will aim to generate about half of its revenue from renewable energy and low carbon solutions, including 20% from renewables and 25% from technologies that either generate renewable energy or removes or substantially reduces CO2 emissions by 2030.
"The world will continue to see rising energy demand and the challenge for our industry is the need to deliver this with a significantly lower carbon emissions," said Luis Araujo, chief executive officer of Aker Solutions.
Demand for oil and gas is expected to grow over the next decade, although not as fast as the expected growth in renewable energy, Aker Solutions said, pointing to drivers such as electrification, efficiency gains, low-emission fuels and accelerated cost reductions of renewables as means to provide more energy, with a lower carbon footprint.
The company will focus on floating wind power, having taken a 23% stake in U.S.-based Principle Power, which is currently installing its proven floating wind technology for the WindFloat Atlantic project off the coast of Portugal. Aker Solutions is involved in offshore wind farm developments in the US and South Korea.
It also provides technology to capture carbon emissions from offshore and onshore industry. It delivered the Sleipner storage solution in 1996 and is involved in the Northern Lights CO2 storage project in the North Sea.
"Growth in segments such as renewables and CCUS increases the addressable market for Aker Solutions," Araujo said. "Our ambition is to become the recognized leader in low carbon offerings and sustainable solutions."
Other low carbon technologies such as solutions such as subsea gas compression and electrification of production assets and unmanned platforms are also high on the company's agenda.
Aker Solutions delivered the world’s first subsea gas compression system to Equinor’s Åsgard field in 2015. The company is currently involved in developing the first subsea gas compression project outside Norway, at the Jansz-Io field for Chevron in Australia.
Low emission power from shore to Johan Sverdrup and Gina Krogh can generate CO2 emissions savings equivalent to removing 150,000 cars annually. Aker Solutions is involved in several studies for the electrification of fields.