MOL becomes new strategic shareholder in Odfjell Oceanwind

Japanese shipping giant Mitsui O.S.K. Lines (MOL) has become a shareholder in and strategic partner of Norwegian floating offshore wind firm Odfjell Oceanwind.

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

This follows Odfjell Oceanwind's 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.

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CEO of Odfjell Oceanwind Per Lund commented, "Being one of the world's largest shipping companies operating more than 800 ships, and with a rapidly increasing service portfolio relevant for floating offshore wind, MOL comes with valuable resources and experience that will be important to Odfjell Oceanwind in the time to come."

Masayuki Sugiyama, executive officer, responsible for 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' culture, 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."

Odfjell Technology Ltd. combined with the Odfjell family's direct investment will remain the largest shareholder in the company.