Odfjell Drilling Joins Forces with Oceanwind AS

Photo credit: Oceanwind AS

Odfjell Drilling has announced 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 commercializing 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 recognize 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 honored 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 optimize 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.

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