Offshore wind in the US

The initiative is part of Innovation Norway’s High Potential Opportunities (HPO) program that aims to help Norwegian companies win large, international contracts. The aim is to position Norwegian suppliers within offshore wind in the US market.

Major projects

Norwegian companies have opportunities to win major contracts as more than USD 100 billion is to be invested in offshore wind in the US. The US is aiming to increase offshore wind capacity from its current level of 42 MW (megawatts) to 21 GW (gigawatts) by 2030. Norwegian companies can bid for these licenses or position themselves as subcontractors of the chosen contractor.

The US recently signed the Inflation Reduction Act (IRA) that will help reduce costs associated with clean energy and green industry. This has provided favorable conditions for investments in the US offshore wind market. As a result, the US offshore wind market grew by 15% from 2022 to 2023.

The analyst agency Menon believes that Norway could, with the right investment and initiatives on the part of the business support system, capture up to 20 per cent of the global market for floating wind farms. It estimates that the initiative could generate a value of NOK 117 billion and jobs equivalent to almost 130,000 FTEs.

Norwegian solutions

Norway's extensive experience in the petroleum sector provides us with a distinct advantage in steering the course of offshore wind development. Our history as early adopters of innovative technologies positions us strongly to excel in international tender competitions. Several Norwegian companies and organizations have expressed keen interest in participating in the US offshore wind initiative. Among these, some companies specialize in providing critical components such as subsea cables, pioneering floating solutions, and robust foundations. Other companies contribute their expertise in areas encompassing design, engineering, installation, support, maintenance, and inspection. In addition, Norwegian shipyards play a key role in constructing specialized vessels tailored to the installation and maintenance of offshore wind farms.

Vessels that want to operate in US waters must be built in the US, according to The Jones Act. There is close to none existing fleet for installing and operating offshore wind farms. This means that there are huge opportunities for the Norwegian vessel equipment industry regarding deliveries to US shipyards. Norwegian companies have already won contracts for deliveries to vessels under construction.

Team Norway

HPO projects bring together Norway’s entire business support system and other members of «Team Norway». Norwegian enterprises receive help from Innovation Norway’s regional and international offices, embassies, Export Finance Norway, NORWEP, chambers of commerce and other partners as needed.

Team Norway provides customized services tailored to market opportunities and business needs. These services range from political dialogue, financing, networking, marketing, and individual advisory services. The contributors to the offshore wind projects in the US include:

• Norwegian Embassy in the US
• Consulate General in the US
• Innovation Norway’s offices in the US
• Innovation Norway’s head office in Norway
• Innovation Norway’s regional offices in Norway, including financial advisers
• NORWEP
• Eksfin
• Norwegian clusters focusing on offshore wind

The steering group for Offshore Wind USA comprises several companies and institutions with the US as a target market and consist of a.o: 4 Subsea, Nexans, AKSO, Equinor, Fred Olsen Wind Carriers, Tampnet and the University of Stavanger.

We invite interested companies to get in touch to learn more about the opportunities for participation in the HPO project. The project manager is Erik Rindvoll.