SBM Offshore signs investment agreement with Ocean-Power
Published: 08 January, 2025
Following the MoU signed with Norwegian company Ocean-Power in June 2024, SBM Offshore has announced an initial equity investment in Ocean-Power. As a result of this investment, SBM Offshore holds a minority ownership in Ocean-Power AS, and has appointed one director who has joined the company Board.
The company says this investment offers the opportunity to assess the application of SBM’s carbon capture expertise in the power market, leveraging a market-ready solution to support low carbon electricity generation. It aligns with SBM’s strategic priority to offer solutions in the decarbonisation space and to broaden its client portfolio.
Ocean-Power promotes the concept of “Blue Power Hub”, which generates electricity using gas turbines in association with carbon capture and storage, resulting in significantly lower CO2 emissions.
The hub is designed to supply power both to offshore assets and to the national grids, enabling the electrification of both the Norwegian Continental Shelf and the United Kingdom Continental Shelf with minimal or even positive impact on the national grid. It also allows for the balancing of renewable energy sources, such as wind power.
Olivier Icyk, Chief Business Officer at SBM Offshore commented: “This investment underlines SBM’s willingness to invest in solutions which support global decarbonization efforts in our industry. With Norway currently being the prime market for these solutions, we see value in teaming up with a local partner in an effort to penetrate the market. This is why we decided to partner with Ocean-Power, a reputable and well-established business in the Norwegian market”.
Erling Ronglan, CEO at Ocean-Power commented: “This partnership with SBM Offshore represents a significant milestone for Ocean-Power. SBM’s investment is a strong vote of confidence in our concept and vision for sustainable energy production. Together, we can accelerate the development of solutions that not only reduce carbon emissions but also create value for the energy market and society as such.”
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