Norwegian offshore oil & gas contractor Kvaerner has established renewables as one of two focus growth areas as part of a strategy to boost its annual revenue to NKr10bn ($1.1bn) by 2023 from NKr7.3bn now.
“The market for the development of offshore wind power is growing exponentially,” Kvaerner chief executive Karl-Petter Løken said.
“We bring valuable knowledge from the oil industry where the cost over time has been significantly reduced.”
