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Illustration of Odfjell Oceanwind's Deepsea Star™ foundations

Illustration of Odfjell Oceanwind's Deepsea Star™ foundations

MOL Becomes Strategic Partner and Shareholder in Floating Wind Specialist Odfjell Oceanwind

Mike Schuler
Total Views: 564
October 5, 2023

Tokyo-based shipping company Mitsui O.S.K. Lines, Ltd. (MOL) has recently acquired a stake in Odfjell Oceanwind, solidifying its position as a strategic partner to the floating offshore wind specialist.

The move follows a private placement and provides Odfjell Oceanwind with substantial capital to further enhance its floating offshore wind technologies.

The partnership with MOL, one of the world’s largest shipping companies, will enable Odfjell Oceanwind to accelerate its plans of supporting and collaborating with offshore wind developers in realizing floating offshore wind projects. Leveraging their proprietary DNV-approved Deepsea™ technology, Odfjell Oceanwind aims to deploy large 15MW+ conventional offshore wind turbines to various locations, including challenging offshore areas too deep for fixed-bottom turbines.

Odfjell Oceanwind has already established partnerships with Source Galileo, Kansai Electric Power, and Ingka, for the Utsira Nord seabed lease competition in Norway.

Odfjell Oceanwind’s Deepsea Star™ semisubmersible foundation design has already been selected for projects such as GoliatVIND and UtsiraVIND, and is being considered for several other projects, including INTOG and Scotwind, with a total of 50 GW of projects worldwide expected to be completed by 2035.

“MOL is a quality investor that perfectly complements our existing shareholders. With their extensive fleet of over 800 ships and growing service portfolio in the floating offshore wind sector, MOL brings valuable resources and experience to support Odfjell Oceanwind’s rapid international growth,” said Per Lund, CEO of Odfjell Oceanwind.

Masayuki Sugiyama, Executive Officer responsible for the Wind Power Projects Unit at MOL, expressed his enthusiasm over the partnership.

“We are delighted to join Odfjell Oceanwind and recognize the promising potential of their technology, backed by the rich history and background of Odfjell Drilling and Odfjell Technology. This strategic partnership aligns perfectly with both companies’ cultures, and as shareholders, we are fully committed to contributing to the acceleration of Odfjell Oceanwind’s ambition to become a global leader in floating offshore wind technologies,” he said.

Odfjell Technology, combined with the Odfjell family’s direct investment, will remain the largest shareholder in Odfjell Oceanwind.

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