Oslo-listed oilfield services player Archer is diversifying its portfolio with the acquisition of floating offshore wind solutions provider Moreld Ocean Wind (MOW) for an undisclosed sum.
The deal with Remold Invest comes with a minority stake in US/French floater developer Ocergy, in which MOW invested together with Chevron Technology Ventures.
MOW has since its inception in 2021 executed a number of study contracts, pre-FEEDs and FEEDs for blue-chip developers of offshore wind farms. The company has around 30 engineers and has been down-selected as the preferred supplier for several upcoming wind farm project bids.
The floating offshore wind sector is still in its early stages but is predicted to grow in the coming decades. Archer CEO Dag Skindlo said it was a natural step for the company to take a position in this segment as several of its oil and gas customers have commitments and plans within floating offshore wind.
“This acquisition gives us an attractive entry point to capitalise on these market developments. We have a flexible approach as to how we can best structure and develop the company going forward,” Skindlo added.
Best known for its drilling and well services, Archer earlier this year also acquired Norway’s Vertikal Service, which provides inspection, installation, and maintenance to energy customers in the MMO, drilling, offshore and onshore wind, and hydro segments.
