Renewables

Prysmian, a world leader in the energy and telecom cable systems industry, has finalized three contracts worth in aggregate around €5 billion with Amprion, one of the leading European TSOs, for two offshore grid connection systems — BalWin1 and BalWin2 — and the underground cable project DC34.

CGG has announced the release of a Southeast Asia Carbon Storage Study to support and accelerate the screening process for all players in the region’s fast-growing CCUS market. This study ranks and prioritizes opportunities at large scale across 58 basins in Indonesia, Malaysia, Thailand and Vietnam, covering a total surface area of over six million km2, to help streamline the process for identifying the best basins and plays for potential carbon storage. The study and its associated data are available to license now.

The US offshore wind industry concluded 2023 with its first commercial scale projects delivering power to the grid, a bright spot amid a difficult year for the industry, according to a new report published by the Oceantic Network. As the leading organization working to advance offshore wind and other ocean renewable industries and their supply chains, the Network today released its 2024 US Offshore Wind Market Report, which analyzes the challenges and successes of the industry over the past year and provides guidance for the year ahead.

Fugro has opened a new office called “Fugro UST21” in Incheon, South Korea, as part of a joint venture with UST21, a South Korean marine technology company. This new office will provide Geo-data solutions for South Korea’s growing offshore renewable energy sector, which Fugro has been actively supporting in collaboration with UST21 since 2019 via a Memorandum of Understanding.

Woes from 2023 Spill Over into 2024

Unfavorable macroeconomic factors blew fierce winds against the offshore wind farm development industry in the second half of 2023. A combination of higher interest rates, cost inflation, and supply chain issues resulted in development costs exceeding contracted power prices for several projects.

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