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SBM Offshore and Ocean-Power are pleased to announce the signing of a Memorandum of Understanding with the intent to collaborate on a floating power generation hub with CO2 capture and storage. The purpose of the partnership is to assess the technical feasibility and commercial readiness to collaborate on the concept, exclusive to the Norwegian Continental Shelf and United Kingdom Continental Shelf.
- The offshore power hub will apply Ocean-Power’s proprietary “Blue Power Hub” concept, which generates electricity offshore using gas turbines in association with carbon capture and storage, resulting in significantly lower CO2 emissions.
- The hub can be used to power offshore assets via submarine cables and electrify the continental shelf with minimal impact on the national grid, all while balancing wind power capacity in a bi-directional transmission structure.
- The combination of SBM Offshore’s industry-leading offshore experience and Ocean-Power’s technical concept development opens the door to potential joint business development initiatives in the region.
- Through this collaboration, the companies will aim to further decarbonize offshore power generation and make a concrete contribution to carbon neutrality efforts.
Olivier Icyk, Chief Business Officer at SBM Offshore commented:
“The signing of this Partnership Agreement marks another step forward to support global decarbonization efforts in our industry. This opportunity capitalizes on both parties’ strengths, and we are pleased to partner up with Ocean-Power, a new player whose development complements our leading expertise in floating energy solutions.”
Erling Ronglan, CEO at Ocean-Power commented:
“We are very pleased to establish a new partnership with SBM Offshore, a leading offshore technology provider. Combining the expertise of both companies will be an important step towards electrifying the continental shelf without stressing the national grids. With this agreement, we will accelerate our path towards the 2030 CO2 reduction targets.”
SBM Offshore
Giampaolo Arghittu
Head of External Communications
Tel: +31 (0) 6 212 62 333
Email: giampaolo.arghittu@sbmoffshore.com
Wouter Holties
Corporate Finance & Investor Relations Manager
Tel: +31 (0) 20 236 32 36
Email: wouter.holties@sbmoffshore.com
Ocean-Power
Erling Ronglan
Chief Executive Officer
Email: erling.ronglan@ocean-power.no
About SBM Offshore
SBM Offshore designs, builds, installs, and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for alternative energy sources. More than 7,400 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable, and affordable energy from the oceans for generations to come. For further information: www.sbmoffshore.com
About Ocean Power
Ocean-Power AS, launched in November 2021, is an energy solutions development company aiming to build, own and operate the concepts that they develop. They have the ambition to become an offshore electricity provider by using existing technology, resources and offshore competence to solve the energy and climate challenges in due time. Ocean-Power is introducing an offshore power hub, with high efficiency power generation by use of gas turbines combined with carbon capture, resulting in low CO2 emissions. For further information: www.ocean-power.no
Disclaimer
Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Risk Management’ section of the 2023 Annual Report.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.
Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
“SBM Offshore®“, the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “Float4WindTM” are proprietary marks owned by SBM Offshore.
