Oil and gas firm buys into Ideol to target large offshore wind projects

Oil and gas floating services provider BW Offshore will invest €60 million in Ideol to create the integrated floating offshore wind company BW Ideol.

BW Offshore expects to own around 50% of BW Ideol following planned capital investment and listing of it as a separate company on Oslo equity trading market Euronext Growth.

The firm did not immediately confirm whether this holding was a majority or minority stake.

The companies aim to complete the private placement and listing by the end of March, with BW Offshore acting as an anchor investor and industrial partner of BW Ideol.

Marco Beenen, CEO of BW Offshore said the emerging floating offshore wind market has significant long-term growth and value creation potential, adding: “We see solid opportunities for developing offshore power production solutions to drive energy transition at global scale.

"We are combining our four decades of offshore development, financing and operational experience with Ideol’s proven floating offshore wind technology and expertise."

BW Offshore describes itself as a provider of floating production services and developer of proven hydrocarbon reservoirs.

It added that it aims to combine its capital markets access and offshore production systems in development and operational experience with Ideol’s floating offshore wind intellectual property and expertise.

The aim is to create a floating offshore wind business as a technology and engineering, procurement and construction (EPC) provider, as well as a developer and operator of wind power projects.

Ideol, is a privately held company, based in La Ciotat, France, and has more than 10 years of experience in engineering and supporting floating offshore wind projects from conception to installation.

Around 90% of its 60 or so employees are engineers specialising in floating offshore wind technology and project development.

The firm has two full-scale demonstration wind turbines of its patented floater design and says it has a pipeline of projects as co-developer in Japan, Europe and the US

Paul Dupin de la Guérivière, the CEO of Ideol, said: “Our established position in floater design and engineering, coupled with BW Offshore’s track-record of project development and deep-water expertise, provides a strong platform for accelerated growth as a leader in floating offshore wind technology and growing developer of offshore renewable energy projects.”

Ideol S.A. will become a wholly-owned subsidiary of the new BW Ideol entity.

The new company will target growth as a technology and EPC services provider, expanding a portfolio of development projects and establishing itself as a long-term asset owner and operator.

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