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Following the MoU signed with Norwegian company Ocean-Power in June 2024, SBM Offshore is pleased to announce 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.
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 decarbonization 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.
SBM Offshore Media Contacts
Giampaolo Arghittu
Head of External Communications
Tel: +31 (0) 6 212 62 333
Email: giampaolo.arghittu@sbmoffshore.com
About SBM Offshore
SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy. More than 7,400 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.
For further information, please visit our website at www.sbmoffshore.com.
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.
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