Ocean Wind International: Oil companies could drive offshore wind

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Ocean Wind International believes integrated oil companies will look to pair their expertise in offshore engineering with cutting-edge turbine innovation.

Hong Kong-based floating wind power generation pioneer Ocean Wind International Industrial Limited has told investors that global integrated oil companies eager to diversify revenue streams will increasingly aim to pair their expertise in offshore engineering with the latest developments in wind-turbine technology.

The company made its claim during an investor meeting, at which it reported good progress on a series of bids it has made on several international government and private tenders. Ocean Wind International said that, with the global transition toward cleaner power generation, many large oil majors are seeking to reduce their reliance on fossil fuel production but also to capitalize on their decades of experience in offshore engineering.

“Wind power generation — particularly in deep-water regions — is an area in which the majors have pushed the boundaries of what is possible,” said Jeremy Fitzroy, Ocean Wind International’s chairman and CEO. “They’ve moored floating oil platforms in some of the most inhospitable conditions on Earth, and they want to remain relevant in a changing world. Deploying that experience in deep water floating wind power generation gives them a chance to do that so we can expect more interest in from them in terms of acquisition overtures in the months and years ahead.”

The announcement comes as Anglo-Dutch oil major Royal Dutch Shell recently concluded the purchase of a majority stake in Simply Blue Energy’s Emerald Project, a floating wind farm in the sea off the south coast of Ireland.

“These companies have ambitious targets for achieving net-zero emissions, and floating wind power gives them a good chance of reaching that goal,” Fitzroy said.