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.”

The company stressed it sees opportunities for wind power both on the Norwegian continental shelf, as well as elsewhere in the offshore Europe and North America markets.