Solstad Offshore Gets Grant to Cut Offshore Vessel Emissions

Credit: Solstad Offshore
Credit: Solstad Offshore

Norwegian offshore vessel owner Solstad Offshore ASA has received an 87 million crowns (~$9.79 million) grant from Innovation Norway to reduce emissions from its fleet.

Including the funds from Innovation Norway, the company plans to invest investing more than 300 MNOK ($33.73 million) in battery hybrid conversion projects. 

Solstad Offshore is planning for a 50% global fleet emission reduction by 2030, with eleven vessels planned to be upgraded over the next three years. 

The vessels will undergo battery hybrid conversions and will be able to connect to shore power in ports and harbors. After completion of this program, Solstad will have a total of 21 battery hybrid vessels in its fleet. 

"The planned upgrades will lead to an annual reduction of 12.000 tons CO2 emissions and is an important measure to reach the company's target of 50% emission reductions by 2030 and ultimately zero-emission by latest 2050," Solstad Offshore said.

In 2021, Innovation Norway introduced a condemnation scheme to support removing older vessels from the market and at the same time fund upgrades of existing vessels with green technology.

"The scheme will contribute to increased investments in the Norwegian fleet and reduce the emissions in line with the action plan set by the Norwegian Government," Solstad Offshore said.

"Solstad announced recycling seven vessels in October 2021, and this will be performed at specialized yards in Norway in accordance with the strictest national and international regulations," the company added.

Tor Inge Dale, Chief Sustainability Officer, Solstad Offshore, said, "This major grant from Innovation Norway allows us to step-up up our green technology investment program. The list of vessels includes some of our largest construction vessels that will after conversion contribute to considerable CO2 emission reductions."

Sigbjørn John Huun, Special Advisor, Innovation Norway: "Innovation Norway is pleased to see that this funding arrangement can assist on speeding up both the needed work to recycle older offshore vessels as well as provide considerable contributions to fund important decarbonization projects in this segment.”

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