As we enter a New Year, the memories of the shocks to the foundations to the US offshore wind segment remain fresh. In short, supply chain inflation and capacity/availability, interest rate increases, and tax credit monetization have been the key themes highlighted by developers to explain why many projects became commercially unviable, as outlined in the most recent US Offshore Wind Report from business intelligence and consulting firm Intelatus Global Partners.

Halliburton Company (NYSE: HAL) has been named to the 2023 Dow Jones Sustainability Indices (DJSI). 2023 marks the third consecutive year that the company has been named to the list. DJSI assesses the sustainability performance of companies using a transparent, rules-based process based on the annual S&P Global Corporate Sustainability Assessment (CSA).

Offshore Wind's Economic Doldrums

Today's key economic doldrums plaguing offshore wind projects are higher interest rates, cost inflation, and supply chain issues. Developers make multiyear cost assumptions when bidding for projects, given the often decade-long lead times associated with planning and development, obtaining approvals, and completing construction, before an offshore wind project becomes operational and starts generating cash returns.

Talos Energy Inc. (NYSE: TALO) provides operational updates.

ThayerMahan, a world leader in autonomous maritime surveillance solutions, closed $20 million in follow-on Series C funding led by Hanwha Asset Management. Existing investors, including MC2, AE Industrial, I Squared Capital, and Yellow Sub Funding participated pro rata in the round.

Equinor and SOCAR (State Oil Company of Azerbaijan Republic) have signed an agreement whereby Equinor will divest all its remaining assets in Azerbaijan to SOCAR.

Kraken Robotics Inc. has received multiple survey service orders in Q4 to support offshore energy and infrastructure projects allowing the company to maintain strong utilization.

Floating Power Plant, a Danish pioneer in renewable energy technology, has just signed a transformative grant agreement with the European Commission's Innovation Fund of 26 m€. This agreement solidifies the EU's commitment to propel Floating Power Plant’s flagship project, SEAWORTHY, into the forefront of sustainable energy innovation.

ASCO, a leading global provider of logistics and materials management services, has set ambitious goals for its future with plans to increase business profitability by 50 percent over the next five years, with the majority of its returns coming from new energies by 2030.

Ferd, a family-owned investment company, has acquired a 25 percent stake in the ocean technology group General Oceans. Following several acquisitions in recent years, General Oceans now consists of five world-leading companies covering key areas of ocean technology.

Oxford Flow, a flow control equipment specialist, celebrates a successful end to 2023 which has seen the company double operational activity year-on-year, expand its global footprint and increase its headcount by around 10%.

With the backdrop of the world’s most important convention on climate, a new global report demonstrating the interconnectivity of the blue economy with clean and climate technologies was released.

SolarDuck is excited to announce that it has secured additional funding for the development and deployment of Offshore Floating Solar power technology. This funding sets the company on a path of continued growth, able to further build on its leading position in the Offshore Floating Solar Energy industry, to deliver its first commercial projects and increase its impact as the company works towards its goal of deploying over 1 GW of offshore generated solar electricity by 2030.

OSSO, a specialist in fluid temperature control and separation solutions, announces significant growth milestones achieved in 2023. These include a 75% increase in revenue and a 40% growth in total headcount.

Chevron Corporation (NYSE: CVX) has announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approximately $3 billion for 2024.

Kraken Robotics Inc. announced it has filed financial results for the third quarter ended September 30, 2023 (“Q3 2023”).