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.

Kvaerner last year nailed its colours to the mast when it entered a cooperation deal with French floating wind technology designer Ideol to create a ‘one-stop’ EPCI [engineering procurement construction and installation] offering for the offshore market. Kvaerner has worked as a contracting group on many of the most challenging North Sea oil and gas projects.

The company said it has already delivered over 50 units for offshore wind projects.

“From now on, Kvaerner will, together with customers, subcontractors, and public knowledge institutions, et cetera, aim to build a whole new industry with jobs, expertise and value creation,” Løken added.

Kvaerner didn’t reveal which share of the envisaged revenue growth will come from offshore wind, and which from floating units for the oil and gas industry – its other expansion focus.

Wind

Oil group Kvaerner makes offshore wind a focus growth area