Industry News

Flotation Energy and Vårgrønn Announce Offshore Wind Partnership to Support Oil and Gas Decarbonisation

Flotation Energy and Vårgrønn, two European developers and owners of offshore wind projects, announced their partnership today.

Together the partners will generate renewable energy from offshore wind farms to enable the electrification and decarbonisation of offshore oil and gas installations in the North Sea. Any excess power will be made available to benefit UK consumers.

The partners will apply for leases in Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) round. The INTOG leasing round will make a significant contribution to Scotland’s net zero target, and The North Sea Transition Deal goal to reduce offshore emissions by a minimum of 50% by 2030.

The partners will leverage the oil and gas expertise of Vårgrønn’s shareholders to deliver innovative solutions and promote supply chain development in Scotland.

Lord Nicol Stephen, CEO & Co-founder of Flotation Energy, said: “Decarbonising UK Oil and Gas platforms is an urgent priority. Flotation Energy initiated early development work in 2020. We are determined to push forward so that our floating wind projects are delivering renewable energy to the oil and gas sector by the mid-2020’s.

As well as tackling climate change, these projects will lead to billions of pounds of investment and thousands of skilled jobs - securing Scotland’s leadership in floating offshore wind. We are excited to team up with Vårgrønn in establishing a strong offshore wind bid for the INTOG round.”

Olav Hetland, CEO of Vårgrønn, said: “Flotation Energy and Vårgrønn combine their unique experience from offshore wind development. Vårgrønn provides Norwegian offshore competence, offshore wind experience, financial expertise and strength to the consortium, also leveraging on our shareholders Eni and HitecVIsion. Flotation Energy has an established local position in Scotland, entrepreneurial drive and experience from developing Kincardine the largest operational floating windfarm in the world. We look forward to a very successful partnership for this nationally important project.”

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