Japanese shipowner Mitsui OSK Lines (MOL) has deepened its interest in floating offshore wind by taking a stake in Norway’s Odfjell Oceanwind.
The new strategic shareholder did not release financial details but said it bought stock in a private placement.
“The transaction generates significant capital which will be used to further strengthen Odfjell Oceanwind’s position as a global leader and frontrunner in floating offshore wind technologies,” MOL added.
Odfjell Technology and the Odfjell family will remain the largest shareholder in the company, however.
The deal will allow the operation to accelerate its business plan of supporting and partnering with offshore wind park developers for floating offshore wind projects.
Odfjell Oceanwind has developed its own Deepsea technologies for large wind turbines of 15MW and above.
The Norwegian group has also struck partnership agreements with Source Galileo, a European platform for investments in renewable infrastructure, Japanese utility Kansai Electric Power and Ikea investment division Ingka.
It is competing for Equinor's ongoing Utsira Nord seabed lease in Norway.
The company's semi-submersible foundation design has already been selected for the GoliatVIND and UtsiraVIND projects.
“MOL is a quality investor that perfectly complements our existing shareholders”, said Odfjell Oceanwind chief executive Per Lund.
“Being one of the world’s largest shipping companies operating more than 800 ships, and with a rapidly increasing service portfolio relevant for floating offshore wind, MOL comes with valuable resources and experience that will be important to Odfjell Oceanwind in the time to come,” he added.
Dutch investment
The Odfjell family is best known for its chemical tanker company Odfjell.
Last month, MOL took an unspecified stake in Dutch start-up TouchWind, which is developing a new floating turbine system with a single-piece rotor.
The tilting, angled blade is expected to reduce the wind interference between turbines that tends to occur in large wind farms.
In June, the group said it had formed a new joint venture to move further into offshore wind vessel operations.
MOL set up a company on a 50/50 basis with domestic group Toyo Construction Co following a collaboration agreement in February focusing on developing a wind farm ship.
MOL is also aiming to expand in the offshore wind farm business through its shareholding in US-based Eneti, which is merging with BW Group-backed shipowner Cadeler in Denmark.
