Norwegian company Kvaerner is planning to expand its operations in renewable energy to help boost growth by about 40% in a few years.
The engineering, procurement and construction services specialist said “significant” wind power projects are expected both on the Norwegian continental shelf and internationally.
It said that over 50 units for offshore wind projects have been delivered already by the company, with “early phase work” for several customers currently being carried out.
Opportunities will be sought in offshore work, particularly in Europe and North America, the company added.
Kvaerner chief executive Karl-Petter Loken said: “The market for the development of offshore wind power is growing exponentially.
“If such developments are to be profitable for both energy companies and society, it is important that suppliers can contribute with safe and efficient execution.
“We bring valuable knowledge from the oil industry where the cost over time has been significantly reduced.
“From now on, Kvaerner will, together with customers, subcontractors, and public knowledge institutions etc aim to build a whole new industry with jobs, expertise and value creation.”
Kvaerner is also planning expansion in oil and gas with the aim of raising annual revenue to Nkr10bn (€1bn) by 2023 from Nkr7.3bn last year.