Ocean Power puts off PowerBuoy deployment until 2013

Sep 28, 2012 - US wave energy group Ocean Power Technologies Inc (NASDAQ:OPTT), or OPT, said Thursday that its PowerBuoy system, to be installed off the Oregon coast, would be delayed until next spring to avoid risks linked to unfavourable weather conditions.

The company is on track to complete final tests of the PowerBuoy in October 2012 as scheduled. If the weather conditions allow it, the company intended to tow the device some 300 miles (483 km) from the dry dock in Portland to a deployment site some 2.5 miles west of Reedsport, Oregon.

However, unfavourable weather conditions recently have had a negative impact on the installation of moorings. Moreover, the uncertain weather forecast for October is likely to increase the risks of higher than expected “standby” costs relating to the deployment vessels while transferring the PowerBuoy to the deployment site.

Although the buoy itself is designed to withstand severe weather conditions, there are concerns for its stability during towing. In addition, the commissioning period following the buoy’s deployment would also require marine operations that could be jeopardised by the winter weather conditions.

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