Growing scale of offshore windfarms attracts IOCs

Projects in deeper waters and at higher specifications are more closely aligned with the offshore oil and gas industry’s strengths and provide portfolio decarbonisation benefits

Global offshore wind projects are moving farther offshore into deeper waters, driving the need for higher-spec equipment and more capable contractors. This could present an opportunity for oil and gas developers to make up for lost projects as countries transition away from fossil fuels. The majority of today’s installed offshore wind capacity is located in waters less than 30m deep, but developments are gradually entering deeper areas where winds are stronger and offer more potential energy output. The average depth of commissioned projects worldwide surpassed 30m for the first time in 2019 and is set to exceed 40m by 2023 and 50m by 2025, according to industry analysts at IHS Markit. But m