TrønderEnergi, Blystad Become Shareholders in Odfjell Oceanwind

©Odfjell OceanWind
©Odfjell OceanWind

Norwegian company Odfjell Oceanwind, which describes itself as the mobile offshore wind pioneer, said Thursday that after a recent private placement of 100 MNOK (~$11,3 million), TrønderEnergi and The Blystad Group became new shareholders in the company.

Odfjell Oceanwind is working to develop floating wind turbines to be used to decarbonize offshore oil and gas installations. Odfjell Oceanwind will operate as a “shipowner” and will provide its floating wind turbines on a rental basis.

The company said that the two new shareholders will each hold a 10% ownership in the company and will be represented in the board of directors. 

TrønderEnergi is a Norwegian utility and Norway’s second-largest operator of onshore wind power. The Blystad Group is a Norwegian investor group controlled by Arne Blystad and is the second-largest shareholder in Seaway 7, a renewables subsidiary of offshore installation firm Subsea 7.

"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," the company said.

According to Odfjell Oceanwind, its Mobile Offshore Wind Units in combination with the proprietary WindGrid hybrid power module can realize more than 60% reduction in fossil fuels used for power generation and are an attractive solution for reducing carbon footprint in oil and gas production activities. 

15 MW MOWUs

The building program for the first series of MOWUs based on Odfjell Oceanwind’s 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.

Odfjell Ocean further said that 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," Odfjell Oceanwind said.



“TrønderEnergi and Blystad are two quality investors that perfectly complement 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 great cooperation with TrønderEnergi for a while and look forward to exploring the synergies furthermore. The Blystad Group is a well-recognized investor with a 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 of 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 fueled by a strong political desire to make it happen. Odfjell Oceanwind’s solutions show that floating wind technologies are developing quicker than most people would 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.
 


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