SBM Offshore and Ocean-Power sign Partnership Agreement for Offshore Power Generation Concept with CO2 Capture and Storage

SBM Offshore and Ocean-Power are pleased to announce the signing of a Memorandum of Understanding with the intent to collaborate on a floating power generation hub with CO2 capture and storage. The purpose of the partnership is to assess the technical feasibility and commercial readiness to collaborate on the concept, exclusive to the Norwegian Continental Shelf and United Kingdom Continental Shelf.

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• The offshore power hub will apply Ocean-Power’s proprietary “Blue Power Hub” concept, which generates electricity offshore using gas turbines in association with carbon capture and storage, resulting in significantly lower CO2 emissions.

• The hub can be used to power offshore assets via submarine cables and electrify the continental shelf with minimal impact on the national grid, all while balancing wind power capacity in a bi-directional transmission structure.

• The combination of SBM Offshore’s industry-leading offshore experience and Ocean-Power’s technical concept development opens the door to potential joint business development initiatives in the region.

• Through this collaboration, the companies will aim to further decarbonize offshore power generation and make a concrete contribution to carbon neutrality efforts.

Olivier Icyk, Chief Business Officer at SBM Offshore commented:

“The signing of this Partnership Agreement marks another step forward to support global decarbonization efforts in our industry. This opportunity capitalizes on both parties’ strengths, and we are pleased to partner up with Ocean-Power, a new player whose development complements our leading expertise in floating energy solutions.”

Erling Ronglan, CEO at Ocean-Power commented:

“We are very pleased to establish a new partnership with SBM Offshore, a leading offshore technology provider. Combining the expertise of both companies will be an important step towards electrifying the continental shelf without stressing the national grids. With this agreement, we will accelerate our path towards the 2030 CO2 reduction targets.”

About SBM Offshore

SBM Offshore designs, builds, installs, and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for alternative energy sources. More than 7,400 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable, and affordable energy from the oceans for generations to come. For further information: www.sbmoffshore.com

About Ocean Power

Ocean-Power AS, launched in November 2021, is an energy solutions development company aiming to build, own and operate the concepts that they develop. They have the ambition to become an offshore electricity provider by using existing technology, resources and offshore competence to solve the energy and climate challenges in due time. Ocean-Power is introducing an offshore power hub, with high efficiency power generation by use of gas turbines combined with carbon capture, resulting in low CO2 emissions. For further information: www.ocean-power.no