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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
The cancellation of two large offshore wind projects in New Jersey is the latest in a series of setbacks for the nascent U.S. offshore wind industry, including three projects in New England, jeopardizing the Biden administration’s goals of powering 10 million homes from towering ocean-based turbines by 2030 and establishing a carbon-free electric grid five… Read More
(The Center Square) — The Biden administration announced its approval of the Coastal Virginia Offshore Wind commercial project – the country’s largest – amidst significant challenges to projects in other states. The $9.8 billion project will install 176 800-foot wind turbines almost 30 miles off the shore of Virginia Beach, which, at peak winds, can… Read More
The longest wind turbine blades ever to enter the Western U.S. arrived at the Port of Vancouver, Washington, in 2020. They were 253 feet long. This winter, new blades will arrive that are 272 feet. “I would imagine by 2026, we will see even larger wind blades,” said Alex Strogen, chief commercial officer at the… Read More
A wildly innovative turbine that could halve the cost of offshore wind is set to go into testing in Norway. The 19-m (62-ft), 30-kW, contra-rotating vertical-axis turbine is a prototype of a design that could scale to unprecedented size and power. Most wind turbines look like a propeller on a stick – which is fine,… Read More
Good news or bad news first? Because there was plenty of both this week for the fledgling U.S. offshore wind industry. On Halloween, the Biden administration announced that the nation’s largest planned offshore wind development, Dominion Energy’s 2,600 megawatt Coastal Virginia Offshore Wind project, received its last major federal approval. That night, however, Danish wind giant Ørsted… Read More
Following decisions of its Board of Directors, Ørsted will cease development of the Ocean Wind 1 and 2 projects and has taken final investment decision on the Revolution Wind project. The decisions are part of an ongoing review of Ørsted’s US offshore wind portfolio. Impairment update On 29 August 2023, Ørsted announced anticipated impairments on… Read More
NEW ORLEANS (AP) — The Biden administration on Friday designated four tracts of federal waters in the Gulf of Mexico off the Texas and Louisiana coasts for development of wind energy. The Bureau of Ocean Energy Management announcement follows the first Gulf sale of leases for wind development earlier this year. That sale drew a $5.6 million… Read More
Today, Ørsted’s Board of Directors approved the interim report for the first nine months of 2023. Operating profit (EBITDA) for the first nine months amounted to DKK 19.4 billion. Excluding new partnerships, EBITDA amounted to DKK 15.4 billion, DKK 1.0 billion higher than in the same period last year. Earnings from offshore sites amounted to… Read More
Following decisions of its Board of Directors, Ørsted will cease development of the Ocean Wind 1 and 2 projects and has taken final investment decision on the Revolution Wind project. The decisions are part of an ongoing review of Ørsted’s US offshore wind portfolio. Impairment update On 29 August 2023, Ørsted announced anticipated impairments on… Read More
The $9.8 billion Coastal Virginia Offshore Wind project crossed another hurdle Tuesday after receiving final federal approval, according to the Bureau of Ocean Energy Management. “Today’s approval of the largest offshore wind project in U.S. history builds on the undeniable momentum we are seeing,” said Secretary of the Interior Deb Haaland in a news release…. Read More
The Biden administration on Friday designated four tracts of federal waters in the Gulf of Mexico off the Texas and Louisiana coasts for development of wind energy. The Bureau of Ocean Energy Management announcement follows the first Gulf sale of leases for wind development earlier this year. That sale drew a $5.6 million bid from one company… Read More
The Bureau of Ocean Energy Management (BOEM) today announced it has finalized four new Wind Energy Areas in the Gulf of Mexico. The Biden Administration continues to push forward with its plan for offshore wind energy despite the recent setback for the industry and the lackluster response to the first Gulf of Mexico wind auction…. Read More
The Port of Virginia is making strides toward becoming the primary logistics center the Mid-Atlantic’s growing offshore-wind energy industry. Last week, the port received its first shipment of components for Dominion Energy’s Coastal Virginia Offshore Wind (CVOW) project. It took crews two and a half days to offload eight large monopile foundations at Portsmouth Marine… Read More