SBM Offshore Inks Investment Deal with Ocean-Power
January 7, 2025
SBM Offshore has made initial equity investment in Ocean-Power, a Norwegian company developing an offshore power hub which generates electricity using gas turbines in association with carbon capture and storage (CCS).
The investment follows the memorandum of understanding (MoU) the companies signed in June 2024.
As a result of this investment, SBM Offshore holds a minority ownership in Ocean-Power, and has appointed one director who has joined the company board.
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.
“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,” said Olivier Icyk, Chief Business Officer at SBM Offshore.
“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,” added Erling Ronglan, CEO at Ocean-Power.
