Aware of the ongoing offshore green transition Stena Drilling has taken a preemptive step, signing a strategic framework agreement for decarbonisation exploration with UK-based dCarbonX to support the development of offshore geoenergy resources.
Both parties are interested in so called offshore decarbonisation exploration.
The companies said yesterday they will work together to engineer solutions to discover and develop subsurface assets for combinations of geothermal energy, molecular energy storage, and carbon sequestration.
When we cannot change the direction of the wind, we must adjust our sails
Erik Ronsberg, CEO of Stena Drilling said: “We’re pleased to sign an agreement with dCarbonX to advance our journey in the energy transition. This innovative partnership dovetails well with the work Stena is doing in sustainability, research into cleaner fuels and emissions reduction. By employing the skills that our company has built up over the years and utilising our drilling units to explore for geothermal energy, CO2 and other gas storage locations which dCarbonX have identified, we will be able to play a positive part as the first decarbonisation exploration driller working towards a low carbon future.”
Tony O’Reilly, CEO of dCarbonX said: “Stena Drilling is the obvious strategic partner for our future offshore decarbonisation exploration activities given its world class fleet of modern drillships and semi-submersible offshore drilling units.”
Stena Drilling owns four ultra-deep water drillships and two semi-submersible midwater drilling rigs.
Stena Drilling is moving fast to eye up new business areas as its old staple, oil and gas, becomes less attractive. Splash reported earlier this week that for the first time, capex committed in offshore renewables overtook offshore oil and gas last year – $51bn versus $41bn.
Similarly, last week, Keppel, one of the best known rig builders in the world, announced plans to exit rig building to focus on renewables.
“When we cannot change the direction of the wind, we must adjust our sails,” commented offshore veteran Venkatraman Sheshashayee on the Keppel decision last week.