Archer has entered into an agreement with Remold Invest AS to acquire the entirety of Moreld Ocean Wind AS (MOW), a provider of floating offshore wind solutions.
The deal includes a minority stake in US/French technology company Ocergy Inc (OCY).
MOW’s Expertise in Floating Wind Solutions
Based in Norway, MOW employs approximately 30 engineers and specializes in project management and engineering for the fabrication and assembly of floating substructures for wind turbines.
These lightweight floating substructures, developed and designed by OCY, are ideal for mass production due to their modular design, which enables prefabrication and assembly in ports or yards near the wind farm’s operational site.
MOW’s Strong Portfolio and Industry Relationships
MOW is actively involved in numerous studies, front-end projects, and engineering contracts for major global energy companies. The company has also been selected as the preferred supplier by several wind farm developers for upcoming project bids.
Archer’s Strategic Rationale for the Acquisition
Dag Skindlo, CEO of Archer, stated that the acquisition strengthens Archer’s energy services portfolio and supports its customers’ ambitions in the energy transition.
Many of Archer’s oil and gas clients have commitments and plans in the floating offshore wind sector, making it a natural step for Archer to establish a presence in this segment. MOW’s existing business and customer base are attractive and offer significant growth potential.
Additionally, MOW will benefit from Archer’s offshore expertise, comprising around 300 engineers, and its project execution capabilities.
Capitalizing on the Growing Floating Offshore Wind Market
Skindlo also highlighted the growth prospects of the floating offshore wind market, which is still in its early stages but expected to expand significantly in the coming decades.
The acquisition provides Archer with a favorable entry point to capitalize on these market developments. The company plans to adopt a flexible approach to determine the optimal structure and development path for the newly acquired business.