Aker Offshore Wind reports progress in development projects, and is now preparing for licensing rounds next year.
Published:Updated: November 3, 2020 8:00 AM, Published: November 3, 2020 7:26 AM
On Tuesday, the offshore wind company will present the results for the third quarter. Aker Offshore Wind has several offshore wind projects that are in a development phase, and the company’s potential earnings are therefore some way ahead.
The figure release shows revenues of NOK 0.2 million, an operating profit of minus NOK 16.1 million and a profit after tax of NOK 14.7 million.
At the same time, the company has just over NOK 492 million in cash.
The company reports progress in the portfolio of development projects during the quarter. In a stock exchange announcement, the company states that it will receive NOK 10 million in Enova support for a development project in offshore wind.
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Preparing for bidding round
Aker Offshore Wind writes that the company is preparing for various tender processes. In Norway and Scotland, these are expected in the first half of 2021, and in California during 2021.
The company is planning the Vestavindar project of 500 megawatts in Utsira Nord outside Haugesund and Sønnavindar of up to 1,200 megawatts on the southern border in the North Sea. These are areas that were recently opened to the wind industry.
In addition, the company is participating in a wind project in South Korea, which in the first phase will include the development of a floating offshore wind farm of 500 megawatts. Aker Offshore Wind is also involved in an offshore wind project off the coast of California and one in Scotland.
Recently, Aker Offshore Wind and the oil company Aker BP announced a collaboration on the development of offshore wind farms that will be able to supply oil and gas fields on the Norwegian shelf.
Aker Offshore Wind will be responsible for developing and operating the offshore wind farms, while Aker BP will contribute with industrial and technological expertise and become a potential customer for the electricity produced.
Bet on deep water
The company is part of the Aker Group’s renewable investment and was listed on the stock exchange in August, together with Aker Carbon Capture.
Aker Offshore Wind has identified offshore wind projects as the major focus area.
Offshore wind projects can be divided into two categories: installations that stand on solid foundations on the seabed, typically in shallow water, and floating installations on deeper water, which are anchored firmly to the seabed.
The market for floating offshore wind is at an early stage. Today, the costs are much higher than for bottom-fixed offshore wind, and the company is also working to make deep-sea offshore wind much cheaper.
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