Archer diversifies into floating wind with acquisition of Moreld Ocean Wind

Oslo-listed oil services company Archer is diversifying its portfolio by acquiring Moreld Ocean Wind (MOW), a provider of floating offshore wind solutions, for an undisclosed sum.

The agreement with Remold Invest includes a minority stake in US-French stock developer Ocergy, in which MOW invested jointly with Chevron Technology Ventures.

Since its establishment in 2021, MOW has completed a number of research, pre-FEED and FEED contracts for blue-chip offshore wind farm developers. The company employs around 30 engineers and has been selected as a preferred supplier in several upcoming wind farm project tenders.

The floating offshore wind sector is still in its early stages but is expected to grow in the coming decades. Archer CEO Dag Skindlo said it was a natural step for the company to enter the segment as many of its oil and gas customers have commitments and plans for floating offshore wind.

“This acquisition gives us an attractive entry point to capitalize on these market changes. We have a flexible approach to how we best structure and grow the business in the future,” Skindlo added.

Archer, best known for its drilling and well service services, earlier this year also acquired Norwegian company Vertikal Service, which provides inspection, installation and maintenance services to energy customers in the MMO, drilling, offshore and onshore wind and hydropower segments.