New Guide Shows Oil and Gas Players the Way to GBP 210 Billion Offshore Wind Bounty

BVG Associates (BVGA) has, on behalf of Scottish Enterprise, produced a guide to highlight the opportunities for the oil and gas supply chain in the GBP 210 billion global offshore wind CAPEX and OPEX expected by 2025.

The global oil and gas downturn continues to significantly impact the North Sea oil and gas industry. To help companies consider the opportunities in offshore wind, BVGA has created the “Oil and Gas Seize the Opportunity: Offshore Wind” guide.

“Scotland is leading the world in floating wind development and has helped the UK become a world leader for deployed offshore wind,” Alan Duncan, Senior Associate at BVGA, said.

”Scotland’s capable and dynamic oil and gas suppliers can play a key role in the offshore wind drive to increase innovation and reduce costs. This guide provides an opportunity map based on real examples from our industry engagement work. The offshore wind supply chain is broken down into 35 sub-elements. This allows oil and gas companies to identify where their specific opportunities lie and what they can learn from companies that have already achieved success.” 

The guide shows how the oil and gas sector can transfer its skills and experience, built up over the last 50 years of working in some of the world’s most challenging environments. Accompanied by case studies, it demonstrates how companies have successfully diversified into offshore wind from the oil and gas sector.

For example, FoundOcean, the world’s largest dedicated offshore grouting specialist, with a European offshore service base in Livingston, first entered the offshore wind industry in 2010 following a 50-year history in oil and gas. The offshore wind sector now accounts for around half of the firm’s revenues.

Andrew Venn, FoundOcean Sales Director said: “We realised that offshore wind was a market that offered us a diversification opportunity right on our doorstep. We identified that there was a gap in the market for companies, like ourselves, able to offer competitive and innovative solutions. Entering the offshore wind sector is challenging but get it right, and it can be a long-term part of a company’s strategic vision with excellent global prospects.”