Norway could see value creation of between $7.7bn and $13bn from floating wind power over a 30-year period and create up to 128,000 jobs, according to a study by Menon Economics.

To fully exploit the massive value-creating potential of floating wind, there must be an active domestic market in Norway, the country needs to be an early-mover in the development of floating wind, officials must have a clear vision, and appropriate mechanisms must be in place to build floating developments, the report said.

Menon's analysis is based on a subsidised construction of two 500MW floating wind farms in the 2020s, and a Norwegian floating wind market share of 80% nationally and 20% globally.

The consultancy carried out the analysis on behalf of the Norwegian Offshore Wind cluster in collaboration with Export Credit Norway, Norwegian Industry, the Norwegian Shipowners' Association, GCE NODE, Haugaland Vekst and Greater Stavanger.

Norwegian oil major Equinor has built the world’s first commercial floating wind farm, the 30MW Hywind array of Scotland.

Oslo recently also has approved an application for about $257m in funding to support Equinor’s 88MW Hywind Tampen project in Norway, which is slated to become the world’s first floating wind farm supplying renewable power to offshore oil and gas installations.