There is a huge opportunity for the offshore oil industry – at least the segment that can wake up and pull its head from the sand, to transition its strategy, expertise, and investment to floating offshore wind. This is a proven model by Ørsted with Total and Wood following to a degree.
At noted in John Parnell’s GTM article here, the investment gap is narrowing between these sectors. It would decouple part of the income stream from the volatile oil commodity market and put skilled human capital to work.
The best way to Subvert The Dominant Paradigm is to bury the economics of once-dominant industries. Onshore wind and solar have done that successfully against coal and nuclear everywhere, and against gas in most places. While offshore wind and oil are not direct competitors in the energy market, they compete for investment capital and management/labour/equipment resources.
Watch for others in this sector to also pivot toward wind, and be rewarded by investors for delivering better returns attribute to faster growth with safer income in environmentally preferred technology. That’s the kind of subversion we should all support.
Read the full GTM article, click here.