September 18 (Renewables Now) - Norwegian engineering and construction group Kvaerner said on Tuesday renewables will be one of its two focus growth areas, betting on the vast expansion of the offshore wind industry.
The new strategy was devised in line with the company’s goal to lift its annual revenue to NOK 10 billion (USD 1.1bn/EUR 1bn) within 2023 from around NOK 7.3 billion in 2018. The other pillar in the business, apart from renewables, will be offshore oil and gas.
In the offshore wind sector Kvaerner expects to take advantage of the “significant” opportunities on the Norwegian continental shelf and internationally, with Europe and North America seen as the top regions of interest. The company provides fixed and floating substructures along with converter platforms for offshore wind developments. It claims it has over 50 units for offshore wind projects already delivered and says it is now carrying out “early phase work” for several customers.
At the start of this year, Kvaerner won a contract from Equinor ASA (NYSE:EQNR) to study ways to design and build floating concrete substructures for the wind turbines at the 88-MW Hywind Tampen project in the North Sea. This was the first time it mentioned plans for expanding in the field of offshore wind.
The new strategy will entail some reorganisation at Kvaerner’s units and changes in its executive management team but will not involve any staff reductions. The changes will be effective from October 1, 2019.
(NOK 1.0 = USD 0.112/EUR 0.101)