The ocean energy strategy is part of a major EU investment, Green Deal, a green growth strategy that spans all policy areas and which will be of great importance for Norwegian business and industry in the years to come. The EU highlights offshore wind in particular as a sector that will be scaled up. This can mean a twenty-fold increase in capacity by 2050, from the current 12GW to 300 GW. For Europe, which is largely dependent on coal and gas, this green news is good news.

We now have the opportunity to position ourselves for international growth in offshore wind.

Harald Solberg, CEO, Norwegian Shipowners' Association

– The EU initiative makes it even more important that the Norwegian authorities quickly establish and clarify the framework conditions for a domestic market for the development of solutions and expertise in Norway, says Harald Solberg, CEO of the Norwegian Shipowners’ Association. – We now have the opportunity to position ourselves for international growth in offshore wind.

The European Commission foresees investments of EUR 800 billion in offshore energy by 2050. Offshore wind projects require specialized equipment and significant maritime expertise. As many as 18 different types of vessels may be involved in the project life cycle, from early studies to installation of foundations, turbines and cables, to transport of personnel and equipment, and possible decommissioning. Norwegian Shipowners’ Association members are also pleased with news of the investment.

The EU's investment is good news for the climate and green jobs, and I hope Norway will aspire to ambitions that can create a basis for an industry.

Sofie Olsen Jebsen, VP Strategy and Business Development, Fred. Olsen Ocean

– The EU’s investment is good news for the climate and green jobs, and I hope Norway will aspire to ambitions that can create a basis for an industry, says Sofie Olsen Jebsen in Fred. Olsen Ocean.

The company is a leading service provider in offshore wind, with turbine installation and maintenance, jack-up installation vessels (Fred. Olsen Windcarrier), technicians (Global Wind Service), and logistics (United Wind Logistics).

– We intend to achieve the same position in floating offshore wind. At the same time, Fred. Olsen Renewables is a significant developer, operator and owner of onshore and offshore wind farms, and we look forward to taking part in the development of wind farms in Norway.

Norwegian stakeholders are well placed to take a strong position in the market for floating offshore wind.

Harald Solberg, CEO, Norwegian Shipowners' Association

A recent report from Menon Economics also confirms major opportunities for Norwegian players in the offshore wind market. The baseline scenario indicates a market share of ten per cent, with the high-end scenario showing 17 per cent. Significant potential for competence transfer from the oil and gas industry is highlighted as a competitive advantage.

– Norwegian stakeholders are well placed to take a strong position in the market for floating offshore wind,» says Solberg. – However, certain success criteria must be in place if Norway is to succeed. An active domestic market is needed, Norwegian players must start early compared to the competition, and clear vision with appropriate support measures from the authorities is needed, he continues.

High ambitions in the EU are positive for Norwegian stakeholders due to their proximity to the market. In addition, ambitious plans in other parts of the world such as China can help bring down costs more rapidly. In the most optimistic scenario, Menon believes that a Norwegian-based offshore wind industry could generate revenues of almost NOK 85 billion by 2050.