Offshore Wind Farm Developer News

S&P downgraded Danish wind power giant Orsted to BBB on Wednesday, citing higher leverage on its balance sheet and major U.S. impairments in 2023 due to supply chain delays and higher costs.S&P said Orsted's business risk profile has weakened from last year, but was still satisfactory. It expects the world's biggest offshore wind farm developer would be able to successfully manage the substantial industry risks it faces.The offshore wind industry has been struggling with rising inflation, interest rate hikes and supply chain delays, which have endangered plans by U.S. President Joe Biden and several states to replace fossil fuels with offshore wind to fight climate change.The ratings agency maintained a stable outlook on Orsted…

Denmark's Orsted, the world's largest offshore wind farm developer, is prepared to walk away from projects in the U.S. unless the Biden administration guarantees more support, Bloomberg News reported on Tuesday, citing the company's CEO. "We are still upholding a real option to walk away," Orsted CEO Mads Nipper told Bloomberg News in an interview. "But right now, we are still working towards a final investment decision on projects in America." Last week Orsted said it may see U.S.

Denmark-based offshore wind developer Ørsted and offshore vessel owner ESVAGT have signed a second contract for a methanol-powered vessel.Ørsted and ESVAGT have signed an agreement for a sister vessel to the world’s first methanol-powered service operation vessel (SOV), which was announced in 2022.The SOV will be ready for launch in 2026, operating out of Ørsted’s UK East Coast Hub on a 10-year contract. The new SOV will be powered by dual-fuel engines, capable of sailing on renewable e-methanol produced from renewable energy and biogenic carbon…

U.S. offshore wind farm developer Vineyard Wind will deploy and test a secondary bubble curtain noise mitigation system during foundation installation at the Vineyard Wind offshore wind farm, the first commercial-scale wind farm installation project in the U.S.For this, the company is investing in ThayerMahan, a firm that specializes in seabed surveys, acoustic mitigation and monitoring, and other maritime-related services, with facilities in Connecticut and Massachusetts. The $5 million in funding comes from Vineyard Wind's Industry Accelerator Fund…

Dutch marine survey services firm Fugro is back on the water for Atlantic Shores Offshore Wind off the U.S. east coast, conducting a third year of integrated site characterisation services for the New Jersey-based offshore wind farm developer.Geophysical, metocean, and environmental scopes of work are currently underway, while geotechnical services will startlater this month, using a newly commissioned Fugro C30 mobile rig.Working from a third-party vessel, the Fugro C30 mobile rig will deliver Atlantic Shores heave‑compensated drilling capabilities and downhole sampling…

It’s a common story in the U.S. shipbuilding industry today. A piece of equipment that used to be available for delivery on short notice—maybe in one or two weeks—now must be ordered months or more in advance, and it costs double. Add to this rising steel prices and the labor issues that have pervaded nearly all industrial sectors since the early days of the pandemic, and it’s clear that business is far from usual for American shipyards.Bollinger Shipyards president and CEO, Ben Bordelon…

The U.S. has big plans for its offshore wind industry, and shipbuilders like Blount Boats and others are ramping up to capitalize on the unprecedented opportunity.Earlier this year, the Biden Administration unveiled its goal to have 30 gigawatts (GW) of offshore wind power installed and in development in the U.S. by 2030. The announcement, which included plans to open new areas to development, accelerate permits and boost public financing for projects, injected a healthy dose of optimism into an American offshore wind industry that has taken its time getting off the ground.To date…

U.S. offshore wind farm developer Mayflower Wind announced Thursday that it has signed an agreement with Gladding-Hearn Shipbuilding/Duclos Corporation of Somerset, Mass. for the specification, design and manufacture of a Jones Act-compliant, hybrid battery diesel electric crew transfer vessel (CTV).The design utilizes technologies that will provide significant fuel savings and emissions reductions, including the use of lithium-Ion battery energy storage to create a hybrid vessel that will be a bridge to full electrification.

Energy group Ørsted expects previously delayed U.S. wind farm projects to receive swifter approval under President Joe Biden's administration, the new chief executive of the Danish energy group said on Wednesday.Mads Nipper, who took the helm of the company in January, made the comments as the company published full-year results in line with preliminary figures.Ørsted, the world's largest offshore wind farm developer, hopes to drive development in the emerging U.S. wind market but has faced significant permitting delays on projects on the country's east coast.The Biden administration…

Floating wind farm foundations specialist Ideol has signed a letter of intent with the Port of Cromarty Firth in the UK, that could create more than five hundred new Scottish construction jobs.The agreement would see the French-based company and its future local construction partners use the Port’s land and Firth berthing sites and cooperating towards further developing the facilities and infrastructure to establish a concrete hull serial manufacturing yard for incoming floating wind tenders.

TEPCO Renewable Power, a unit of Tokyo Electric Power Company Holdings, plans to spend about 1-2 trillion yen ($9-18 billion) to develop 6-7 gigawatts (GW) of offshore wind and hydroelectric power projects by 2035, its president said."We aim to boost our profit to 100 billion yen in 2030 from 40 billion yen now" through the investments, Seiichi Fubasami, president of TEPCO Renewable Power, told Reuters last week in an interview.Its parent TEPCO, which has been struggling to restart nuclear power stations after the Fukushima disaster of 2011…

Danish offshore wind farm developer Ørsted has signed a 15-year contract with Ta San Shang Marine, chartering the shipping company to build the world's first-ever Taiwan-flagged service operation vessel (SOV) for the operation and maintenance (O&M) of Ørsted's Greater Changhua offshore wind farms.Ta San Shang Marine is a joint venture of Taiwan's Ta Tong Marine Group (TTM) and Japan's Mitsui O.S.K. Lines (MOL),"This charter contract represents the first-ever bespoke SOV in Taiwan and in Asia Pacific.

Orsted, the world's largest offshore wind farm developer, is concerned the coronavirus may delay auctions for offshore projects as it prepares to enter the market, the head of its Asia-Pacific unit said. "The pandemic will not influence investment decisions and general confidence in offshore wind, but it could delay the projects' timeline," Matthias Bausenwein, president of Orsted Asia-Pacific, told Reuters in a telephone interview. "We hope that we won't see any major delays," he said.

The Massachusetts Department of Public Utilities (DPU) has approved long-term contracts for 800MW of offshore wind between Vineyard Wind and the Commonwealth’s electric distribution companies.The DPU green signal is a crucial approval needed for the offshore wind farm developer to start construction by the end of the year.“The approval of these contracts is an important step toward the completion of the largest offshore wind project in the country, which will significantly reduce greenhouse gas emissions, provide Massachusetts residents and businesses with cost-effective clean energy and promote economic development,” said Governor Charlie…

Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP). Hornsea 1 is under construction and will be the world’s largest offshore wind farm when commissioned in 2020.As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract. Ørsted will also provide long-term operations and maintenance services from its O&M base in Grimsby and provide a route to market for the power generated by Hornsea 1.Ole Kjems Sørensen…

Danish shipowner ESVAGT and offshore wind farm developer MHI Vestas have sealed long-term contracts for the delivery of two new service operation vessels (SOVs) for separate wind farms off the Netherlands and the U.K.The wind farm service vessels will work the fields Borssele 3-4, located 22 km off the coast of Zeeland in the Netherlands, and Triton Knoll, which is 33 km off the coast of Lincolnshire in England, which together will produce 1,600 MW green energy from 2021. An option for an additional SOV for servicing the farm Moray East off the U.K. is also included.

Danish utility and offshore wind farm developer DONG Energy has narrowed the price target for the company's share sale in Copenhagen, cutting off the top end of range, one source with direct knowledge to the matter said. The price range has been narrowed to 225 Danish crowns and 235 crowns ($34.39-$35.92) from an earlier target of 220-255 crowns. "A message was sent to investors on Tuesday night that they are at risk of not getting any shares granted if they place orders in the low end of the new price range," the source said.

Danish wind farm developer DONG Energy, which analysts value as high as $13 billion, said on Thursday it plans to list its shares on the Copenhagen stock exchange this summer. Having built more than a quarter of the world's offshore wind farms, the company is a major player in Britain and Germany and has recently opened offices in the United States and Taiwan to cater for new growth markets. With a potential valuation as high as 85 billion Danish crowns (11.4 billion euros), Dong…