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Orsted A/S has withdrawn from a partnership developing offshore wind projects in Norway as the company grapples with big losses resulting from rising costs. Orsted quit a consortium with Fred. Olsen Renewables AS and Hafslund Eco citing “a prioritization of investments” in its portfolio, according to the company. The pullback is a further sign of how… Read More
Orsted’s cancellation of two big New Jersey wind projects raises questions about the way the Biden administration is approaching renewable energy. Danish wind company Orsted wants out of a pair of New Jersey offshore wind projects so badly that it’s willing to lose up to $5.6 billion. Only one year after the Inflation Reduction Act beefed up tax… Read More
What was once the world’s largest steel mill is about to become Maryland’s first permanent offshore wind turbine factory. From world’s largest steel mill to offshore wind This week, the US Department of Transportation Maritime Administration awarded $47.4 million to the new factory, called Sparrows Point Steel. Six Maryland lawmakers (all Democrats) issued a joint statement about the award:… Read More
The American Clean Power Association (ACP) released the following statement from ACP Director of Eastern State Affairs Moira Cyphers regarding the recent state elections in New Jersey: “Last night was a win for offshore wind advocates. Champions of offshore wind development prevailed in highly competitive races across New Jersey—including South Jersey and the Shore. In a year… Read More
Van Oord has been awarded two new offshore wind projects: Baltic Power in the Baltic Sea and Greater Changhua 2b and 4 in Taiwan. The contracts have a combined value of more than EUR 500 million. Once operational, the two offshore wind farms will deliver renewable energy to approximately 2.5 million households. The Baltic Power… Read More
This August, while standing on the bridge of the Sea Installer during the wind vessel’s maiden visit to the Salem Wind Terminal site, a senior member of the Carpenters Union told me that his members thought the construction of Salem’s Footprint power plant from 2016-2018 was the once in a generation opportunity for the workforce… Read More
US subsea and deepwater engineering and construction player McDermott has been awarded a large transportation and installation contract by India’s Oil and Natural Gas Corporation (ONGC) for a project located off the east coast of the country. Under the scope of the contract, McDermott will perform the transportation and installation of a central processing platform… Read More
Acquisition signifies an increase of circa 20% in offshore & subsea capacity for the Group, boosting Middle East and Southeast Asia operations. AD Ports Group (ADX: ADPORTS), a global leader in trade, logistics and industry, today announced the purchase of 10 offshore vessels, that will bolster offshore operations in the Middle East and Southeast Asia. The… Read More
Skanska announces that it has completed the first of three wharfs on-time as part of its work redeveloping approximately 72 acres of the 287-acre Portsmouth Marine Terminal for use as an offshore wind staging port. This coincides with the delivery of the first eight monopile foundations for Dominion Energy’s Coastal Virginia Offshore Wind (CVOW) commercial project, bringing them one… Read More
The recent cancellation of two New Jersey offshore wind farms would seem to deal a blow to President Biden’s clean energy goals. Do you agree? I don’t know that it is such a big blow in the larger picture. The overall goal and process for our clean energy goals, including offshore wind, remains sound. However,… Read More
Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state’s coast. Last Tuesday, the Danish firm scrapped its Ocean Wind I and II projects in southern New Jersey, saying the projects were… Read More
Europe’s two largest economies, Germany and the UK, have entered into a partnership providing a blueprint for their cooperation in clean energy. The partnership was signed last week in London by UK’s Energy Security Secretary Claire Coutinho and Germany’s Vice Chancellor Robert Habeck. The new partnership emphasizes cooperation in offshore wind and electricity interconnection, as… Read More
While much of the focus in the offshore wind sector is on the growing financial challenges and uncertainties, a project in Denmark is being put on hold over objections from environmentalists on how and when the number of bats in the region are counted. The project’s developers are saying it is creating uncertainty about the… Read More
Third Quarter 2023 Highlights Revenue of $299.3 million, a 39.2% increase from the second quarter of 2023 Average day rate increased to $17,865 per day, $1,823 higher than the second quarter of 2023 Composite leading edge term contract day rate up 21.7% to $28,609 Net income of $26.2 million, an increase of $3.6 million from… Read More
The oil and gas industry and other minerals producers have complained for many years about the complexity and slow pace of obtaining permits for projects to develop their underground assets. Now, the offshore wind industry is joining the fray. “There is a fundamental reset needed” It was just one of several issues cited for the… Read More