SBM Offshore has made an initial equity investment with the intention of becoming a minority shareholder. This decisions was made once an MoU was signed with Ocean-Power, a Norwegian company, in June 2024.

The focus of this investment is the hub which is designed specifically to supply power to both offshore assets and to the national grids. This hub makes it possible to provide electrification to both the Norwegian Continental Shelf and to the United Kingdom Continental Sheld. Furthermore, the hub is able to do this with a minimal or even a positive impact on the national grid and it also provides the opportunity to balance renewable energy sources, for example, one of these would be wind power.

Ocean-Power, one of the key parties in this project, supports and promotes the concept of ‘Blue Power Hub’ as this hub is able to create electricity through the use of gas turbines in association with carbon capture and storage. The result of the hub generating electricity in this way, means that the process produces a lower amount of CO2 emissions.

The investment which is being offered by SBM Offshore provides the ability to assess the application of SBM’s carbon capture expertise within the power market. This would be done through using the company’s market-ready solution, with the intention of supporting low carbon electricity generation. SBM has stated that, ‘it aligns with its strategic priority to offer solutions in the decarbonisation space and to broaden its client portfolio.’

Chief Business Officer at SBM Offshore, Olivier Icyk, said that, "This investment underlines SBM’s willingness to invest in solutions which support global decarbonisation efforts in our industry. With Norway currently being the prime market for these solutions, we see value in teaming up with a local partner in an effort to penetrate the market. This is why we decided to partner with Ocean-Power, a reputable and well-established business in the Norwegian market."

CEO at Ocean-Power, Erling Ronglan, added, "This partnership with SBM Offshore represents a significant milestone for Ocean-Power. SBM’s investment is a strong vote of confidence in our concept and vision for sustainable energy production. Together, we can accelerate the development of solutions that not only reduce carbon emissions but also create value for the energy market and society as such."