MODEC, Inc. (“MODEC”), Toyo Construction Co., Ltd. (“Toyo Construction”) and Furukawa Electric Co., Ltd. (“Furukawa Electric”) announced today that a proposal applied for the public offering of Research and Development for Technology to reduce Capital Expenditure (CAPEX) and Operating Expense (OPEX) of Floating Offshore Wind Turbines was officially adopted by New Energy and Industrial Technology Development Organization (“NEDO”) in Japan. As of October 30, 2020, MODEC, Toyo Construction and Furukawa Electric signed a contract with NEDO related to the foregoing Research and Development.

(Photo: MODEC)

Offshore Wind Turbines, which are being widely introduced mainly in Europe toward a decarbonized society, will be moving from coastal installations to more windy offshore areas in order to obtain higher energy efficiency, so in addition to the fixed bed type, Floating Offshore Wind Turbines are getting attention as well.

(Photo: MODEC)

MODEC has been providing competitive floating solutions for the offshore oil and gas industry and has been recognized as a leading specialist for floating oil and gas production systems such as Floating Production Storage and Offloading (FPSO) vessels and TLP. As a global leader, MODEC is the only specialist in Japan of this industry.

With the slump in oil prices, a lot of oil and gas companies and service providers have also changed their business plans, to incorporate this new renewable energy sector as one of their existing portfolio. These was done mainly as a hedge for the future uncertain oil and gas industry. In addition, this new business division catering to renewable sector would also represent a new source of revenue amidst depressed oil price environment.

Oil majors such as ExxonMobil, BP, and Shell have announced massive job cuts globally, and many of the smaller players have gone for either Chapter 11 bankruptcy protection or mergers & acquisitions. The number of players have become smaller, more consolidated and bigger. This would also mean that in general, the industry has become more efficient and nimble.

EditorEnergyGlobalOil & Gasenergy,gas,oil,priceMODEC, Inc. (“MODEC”), Toyo Construction Co., Ltd. (“Toyo Construction”) and Furukawa Electric Co., Ltd. (“Furukawa Electric”) announced today that a proposal applied for the public offering of Research and Development for Technology to reduce Capital Expenditure (CAPEX) and Operating Expense (OPEX) of Floating Offshore Wind Turbines was officially adopted...