Statoil Investing in Offshore Wind Power in Norway

Statoil has signed an agreement gaining considerable interests in technology company Sway, which has developed promising solutions for floating wind turbines in deep water. The first full-scale wind turbine is expected to be completed and installed between 2010 and 2012.

“We see great potential for energy production from sea-based wind turbines,” said Ann-Elisabeth Serck-Hanssen, who heads Statoil’s new energy business unit. “Our offshore expertise gives us a good foundation to be leading in the development of future-oriented technology and renewable energy at sea.”

In addition to share interests in Sway, Statoil acquired a 14% interest in a technology company that has developed a patented system for hydraulic power transfer for wind and tidal turbines, marking Statoil’s first direct investment relating to the further development of wind power technology.

Both technology companies want to develop good technical and commercial solutions contributing to significantly increased efficiency, reducing the costs of wind-produced power.

“By participating actively in the development of future-oriented wind power technology in several application areas,” said Per Oyvind Hjerpaasen, who heads renewable energy in Statoil new energy, “Statoil can strengthen its position as a future producer of wind turbine energy at sea.”

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