BW Ideol starts trading on Euronext Growth Oslo

As announced recently, BW Ideol started trading on Euronext Growth Oslo today (18 March).

Upon admission to trading on the stock market, BW Ideol has several shareholders, with BW Offshore controlling about 50 per cent of the shares and thus maintaining a significant influence over matters requiring the approval of the board of directors or the shareholders. 

“The Private Placement attracted strong interest from leading domestic and international investors, including several specialist renewable energy investors, raising total gross proceeds of NOK 575 million”, the company said.

French floating wind technology developer Ideol and Norway-based offshore oil & gas service provider BW Offshore began discussions to join forces and establish a new company in 2020, with an aim to create a fully integrated long-term floating wind assets owner. To achieve this, BW Ideol’s strategic targets are growth as a technology and EPC services provider, expanding and maturing a significant portfolio of development projects, and becoming a long-term asset owner and operator.

The new floating wind player targets a 10 GW floating wind project portfolio by 2030, 1.5 GW of which it plans to have operational by that time.

The company states that it is ideally positioned to win upcoming floating wind tenders, driven by fully proven and cost competitive proprietary floating technology from Ideol and BW Offshore’s competencies within offshore projects.

Ideol’s Damping Pool floating wind foundation has been installed as part of two full-scale demonstration projects, one in France and one in Japan. The company, now BW Ideol, is currently involved in several projects as co-developer in Japan, the U.S. and Europe.

BW Offshore has a fleet of 15 floating production storage and offloading units (FPSOs) worldwide. The company, which was affected by the challenging market conditions last year and faced a rocky start of this year, has bought into the floating offshore wind market in a bid to position itself as an early mover in the offshore energy transition, according to a recent Premium article by Offshore Energy’s Fossil Energy Editor, Nermina Kulović.