TechnipFMC Partnership Magnora Offshore Wind is Successful in ScotWind Leasing Round Application
19 January 2022 - 8:15AM
Business Wire
Regulatory News:
TechnipFMC (NYSE: FTI) (PARIS: FTI) and Magnora ASA (Magnora)
are pleased to announce that their partnership, Magnora Offshore
Wind AS, has been offered the opportunity to enter into an Option
Agreement for the N3 area by the Crown Estate Scotland in the
ScotWind leasing round. The planned development will have a total
capacity of approximately 500 megawatts (MW), which could power
more than 600,000 homes in the United Kingdom.
Magnora Offshore Wind is a partnership between TechnipFMC and
Magnora, combining TechnipFMC’s experience executing large
integrated offshore projects and delivering industry leading
technologies and Magnora’s extensive renewable and offshore project
development expertise. One of the core principles of the
partnership is local commitment, involving local subcontractors and
communities to create long-term value in all project phases in a
sustainable and responsible way.
Luana Duffé, Executive Vice President, New Energy Ventures at
TechnipFMC, commented: “Magnora Offshore Wind is an exciting
partnership for TechnipFMC, and we are ready to put our expertise
and experience into action following this successful bid. We will
build on our core strengths of innovation, integration and
collaboration while supporting local communities and developing the
local supply chain.”
Torstein Sanness, Executive Chairman of Magnora ASA, commented:
“Magnora Offshore Wind is a young company with ambitions and
capabilities. Extensive experience from renewable and offshore
energy production creates a strong foundation for succeeding in
growing an offshore wind business with significant long-term value
creation for society, employees and shareholders. Together with
TechnipFMC, we are proud to be given the opportunity to progress
our work to develop the ScotWind N3 area.”
The N3 area is situated in the north-western part of Scotland,
40 kilometers offshore Western Isles. The planned wind farm will
cover an area of approximately 100 square kilometers in water
depths of 106 to 125 meters, and the concept base for the
application is 33 semi-submersible floating wind turbines of 15 MW
capacity.
The ambition is to achieve Consent in 2026, Final Investment
Decision in 2028, and start production in 2030, contributing to
achieving Scotland’s Net Zero targets, Pathway to 2030.
For the ScotWind N3 application, Magnora Offshore Wind has
support from three committed experience providers: Stornoway Port
Authority, Kishorn Port and DNV.
Important Information for Investors and
Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in
Section 27A of the United States Securities Act of 1933, as
amended, and Section 21E of the United States Securities Exchange
Act of 1934, as amended. The words “expect,” “believe,”
“estimated,” and other similar expressions are intended to identify
forward-looking statements, which are generally not historical in
nature. Such forward-looking statements involve significant risks,
uncertainties and assumptions that could cause actual results to
differ materially from our historical experience and our present
expectations or projections. For information regarding known
material factors that could cause actual results to differ from
projected results, please see our risk factors set forth in our
filings with the United States Securities and Exchange Commission,
which include our Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, and Current Reports on Form 8-K. We caution you not to
place undue reliance on any forward-looking statements, which speak
only as of the date hereof. We undertake no obligation to publicly
update or revise any of our forward-looking statements after the
date they are made, whether as a result of new information, future
events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional
and new energy industries, delivering fully integrated projects,
products, and services.
With our proprietary technologies and comprehensive solutions,
we are transforming our clients’ project economics, helping them
unlock new possibilities to develop energy resources while reducing
carbon intensity and supporting their energy transition
ambitions.
Organized in two business segments — Subsea and Surface
Technologies — we will continue to advance the industry with our
pioneering integrated ecosystems (such as iEPCI™, iFEED™ and
iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a
commitment to our clients’ success, and a culture of strong
execution, purposeful innovation, and challenging industry
conventions.
TechnipFMC uses its website as a channel of distribution of
material company information. To learn more about how we are
driving change in the industry, go to www.TechnipFMC.com and follow
us on Twitter @TechnipFMC.
Category: UK regulatory
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