Saipem Inks WEC Tech Development Deal with Wello

Italian offshore energy services major Saipem and the Finnish company Wello have signed a memorandum of understanding (MoU) to optimize wave energy converter Penguin technology.

The objective of the agreement is the development of future initiatives in the sector.

Saipem will support Wello to optimize the installation procedure and operability of the WEC Penguin technology.

This synergy should make it possible to obtain a competitive advantage with which to seize the commercial opportunities offered by the sector, Saipem said.

Saipem said it is investigating further applications of this same technology to the traditional infrastructures of the Oil & Gas market. These include offshore platforms, with the aim of improving both their energy efficiency and reducing their environmental impact for an increasingly sustainable production of energy.

“Thanks to the engagement efforts by its XSIGHT Division, Saipem aspires to become a key player in the field of marine energy, a renewable source which, in the near future, will play a crucial role in the energy transition,” stated Francesco Balestrino, Renewables and Green Technologies Business Development Manager from Saipem’s XSIGHT Division.

“XSIGHT is committed to scouting for the most innovative and promising technologies available on the market and to providing technological and financial support to their development with a view to making them suitable for commercialization. Specifically, through Sabella, a company of the Saipem group, we aim to seek out and promote novel initiatives with the purpose of testing innovative technologies and helping them grow.”