Norwegian oil services firm Archer Ltd has announced the acquisition of Moreld Ocean Wind AS (MOW), an independent provider of technology, products, and solutions for the floating offshore wind industry.
Established in 2021, MOW specializes in project management and engineering for the fabrication and assembly of floating substructures for wind turbines. The company, based in Norway, employs approximately 30 engineers and is currently engaged in various engineering contracts and front-end projects. It has also secured preferred supplier status for upcoming wind farm bids.
The acquisition, previously owned by Norwegian private equity firm HitecVision AS, includes Archer gaining a minority stake in Ocergy Inc (OCY), a US-French developer focusing on lightweight floating substructures for serial production.
Archer's CEO Dag Skindlo emphasized the strategic move, stating, “Several of our oil and gas customers have commitments and plans within floating offshore wind and it is natural for Archer to take a position in this segment to support our customers' ambitions.”
Financial details of the transaction were not disclosed. Following the acquisition, MOW has been rebranded as Archer Wind, marking Archer Ltd's entry into the renewable energy sector.
