Norwegian Oil & Gas Service Provider Enters Offshore Wind Market with Floating Wind Company Takeover

Business & Finance

July 2, 2024, by Adrijana Buljan

Norwegian service provider to the oil and gas industry, Archer, is taking over its compatriot Moreld Ocean Wind (MOW), a floating wind engineering and technology company. Once the acquisition transaction is completed, MOW will be renamed Archer Wind.

Archer acquired a 100 stake in MOW through an agreement with HitecVision. The deal also comes with Archer taking a minority stake in the US/French floating wind technology company Ocergy, which Moreld Ocean Wind invested in back in 2021 together with the oil and gas major Chevron.

Moreld Ocean Wind provides project management and engineering for the fabrication and assembly of floating wind foundations. Through its 2021 acquisition of a minority stake in Ocergy, MOW is also offering the floating foundations developed and designed by the US/French company.

For Archer, the acquisition marks the company’s entrance into the offshore wind market.

“With this acquisition we both strengthen our energy services portfolio and support our energy customers’ ambitions in the energy transition. Several of our oil and gas customers have commitments and plans within floating offshore wind and it is natural for Archer to take a position in this segment to support our customers’ ambitions,” said Dag Skindlo, CEO of Archer.

“MOW’s existing business and customer portfolio is attractive and provides growth opportunities going forward. MOW will also benefit from Archer’s offshore competence, around 300 engineers, and project execution capability.”

Archer’s CEO added that, while floating wind was still in its early days, the market was expected to grow in the coming decades.

“This acquisition gives us an attractive entry point to capitalize on these market developments. We have a flexible approach as to how we best can structure and develop the company going forward,” Dag Skindlo said.