Odfjell Drilling is pleased to announce its investment in Oceanwind AS.
Oceanwind’s long-term objective is to own and operate harsh environment floating
offshore wind turbines. With almost 50 years of offshore competence in Odfjell
Drilling and 20 years of offshore wind experience among Oceanwind’s founders,
the parties believe that this is a winning combination for further
commercialising energy from offshore wind. Odfjell Drilling has the intention to
achieve a controlling position, subject to successful completion of the
contemplated equity tranches.
“With the discovery of Ekofisk in 1969, Norwegian industry players asked
themselves how to take advantage of the business opportunities ahead. In 1971,
Rederiet Odfjell made the final investment needed to complete the first floating
drilling rig design ever created in Norway. This was the beginning of what we
now recognise as Odfjell Drilling. I believe we are in a similar situation
today. Our objective is to create value for our shareholders and society by
leveraging almost five decades of competence in operating floating assets in
harsh environments to develop a solid concept within offshore wind together with
Oceanwind’s founders. I hope this day is the beginning of a new chapter, and
another major milestone in the company’s history,” says CEO Simen Lieungh of
Odfjell Drilling AS.
“We are very pleased and honoured to have joined forces with Odfjell Drilling.
With their long tradition and impeccable track record as a high quality operator
of drilling units, it was easy for us to knock on their door. For many years,
our goal has been to harvest green energy offshore. In 2001, as founders of
SWAY, we initiated the game-changing technology for floating offshore wind
turbines. Almost twenty years later we have decided to enter the business of
owning and operating such assets and become an important contributor to the
reduction of fossil fuel emissions,” says Oceanwind Founder Jon Erik Borgen and
CTO/Founder Eystein Borgen. “Odfjell Drilling is known for operating with the
highest safety standards and for having a very strong and competent in-house
team covering all aspects of floating asset management, including technical,
operational and commercial capabilities. This meets Oceanwind’s goals as a
future owner and operator of floating assets,” says CEO/Founder Geirmund Aasbø
of Oceanwind.
For Odfjell Drilling this is also an important step in the strategy towards
“zero emission drilling”. Since 2015, the company has invested countless hours
to optimise rig operations from an energy saving perspective. By reviewing
operational procedures and introducing new battery and hybrid technologies,
emissions from our drilling operations can be significantly reduced. However,
reaching zero requires an alternative to fossil fuels as the primary energy
source. Oceanwind’s technology and business model can enable Odfjell Drilling to
deliver energy efficient, world-class drilling operations, contributing to
clients’ and Odfjell Drilling’s zero carbon emission targets.
“Developing solutions to connect our rigs to offshore wind installations is one
possible road to zero emission drilling. With ownership in Oceanwind, we are
well positioned to make it a reality,” says Per Lund, EVP Technology &
Sustainability of Odfjell Drilling.