Japan’s MOL Now a Strategic Shareholder in Norwegian Offshore Wind Specialist

Following a recent private placement, Japan’s Mitsui O.S.K. Lines (MOL) is now a shareholder in Norwegian floating offshore wind specialist Odfjell Oceanwind, becoming an important strategic partner to the company.

The transaction generates significant capital for the Norwegian firm which will be used to further strengthen Odfjell Oceanwind’s position as a global leader and frontrunner in floating offshore wind technologies. Odfjell Technology combined with the Odfjell family’s direct investment will remain the largest shareholder in the company.

The strategic partnership will also enable Odfjell Oceanwind to accelerate its business plan of supporting and partnering with offshore wind park developers in realising floating offshore wind projects based on proprietary Deepsea technologies.

This follows the recently announced partnerships with Source Galileo – a European platform for investments in renewable infrastructure, Kansai Electric Power – a large Japanese utility company, and Ingka – the investment arm of IKEA, for the ongoing Utsira Nord seabed lease competition.

The Deepsea floating offshore wind technologies offer unique benefits in terms of standardised and DNV-approved designs for large 15MW+ conventional offshore wind turbines suitable for cost-efficient deployment to multiple locations including the harshest areas currently allocated for floating offshore wind.

Masayuki Sugiyama, Executive Officer, Responsible for the Wind Power Projects Unit, MOL, said:” We are delighted to join Odfjell Oceanwind as we see promising potential in their technology with rich history and background from Odfjell Drilling and Odfjell Technology. This strategic partnership perfectly matches with both companies’ cultures, and we, as one of the shareholders, are fully committed to contribute to the acceleration of Odfjell Oceanwind’s ambition to be a global leader in floating offshore wind technologies.”