SBM Offshore (AMS: SBMO) has entered into a memorandum of understanding (MoU) with Norway’s Ocean-Power to explore the development of a floating power generation hub equipped with carbon capture and storage (CCS) technology.
This initiative aims to assess both the technical feasibility and commercial viability of the concept, specifically targeting the continental shelves of the UK and Norway, SBM said in a statement earlier this week.
The proposed offshore power hub will utilize Ocean-Power’s proprietary Blue Power Hub technology, which generates electricity using gas turbines in conjunction with carbon capture and storage to reduce carbon dioxide (CO2) emissions.
According to SBM, this hub is designed to power offshore installations via submarine cables and electrify continental shelf infrastructure with minimal impact on national grids.
Additionally, it aims to balance wind power capacity through a bi-directional transmission structure.
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Olivier Icyk, Chief Business Officer at SBM, emphasized the importance of the partnership with Ocean-Power in supporting global decarbonization efforts.
He expressed enthusiasm about collaborating with Ocean-Power, highlighting the complementary strengths of both companies in floating energy solutions.
Ocean-Power’s CEO, Erling Ronglan, noted the significance of combining expertise to advance the electrification of the continental shelf without overburdening national grids.
This agreement will help us accelerate our progress towards achieving the 2030 CO2 reduction targets, the chief executive added.
Ronglan founded Ocean-Power in 2021 and brings extensive experience from previous roles at DNV, PGS Production, Sevan Marine, and Aker BP.
The leadership team at Ocean-Power includes Jan Erik Tveteraas as chairman, who has a background with Transocean and co-founded Sevan Drilling and Sevan Marine.
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