How these offshore & marine companies are pursuing wind energy projects in a bid to chase growth

As sustainability takes on a bigger momentum, companies previously plugged into the oil and gas markets have pivoted, literally hoping to catch some wind as a new growth area

Since the mid-2014 crash in crude oil prices, many Singapore-listed offshore and marine (O&M) companies that provide services to the oil and gas industry have hit rock bottom. Some have been taken over by other companies, while others have been placed under judicial management. Now, some of the survivors are pivoting towards the wind energy sector and are looking for more opportunities there.

As part of its Vision 2030, Keppel Corporation (Keppel Corp) is actively pursuing offshore wind projects through its wholly owned subsidiary Keppel Offshore & Marine (Keppel O&M). Last year, Keppel O&M secured a $600 million contract to build a wind turbine installation vessel (WTIV) for Dominion Energy. The WTIV is scheduled for delivery in 2023 and will be available for charter hire.

---

Related Stories

• Brokers’ Digest: OCBC, Sembcorp, Genting Singapore, Frencken, ESR-REIT
• Sembcorp receives letter of award for second solar-energy storage hybrid project in India
• Sembcorp’s subsidiary settles legal dispute with Universal Terminal, final terms confidential

---