Photo: CSBC-DEME Wind-Engineering/Green Jade vessel

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Offshore wind project costs decrease with bespoke vessels and lower oil & gas activity

The rising number of purpose-built offshore wind vessels has a direct impact on the costs of offshore wind projects, as the sector is getting more room to use its own fleet instead of deploying vessels from the oil & gas industry, which can be costly if high oil price is driving increased oil & gas activity.

With foundation and wind turbine installation costs accounting for around 10 per cent of the total capex and 7 per cent of the Levelized Cost of Energy (LCOE), the vessels used significantly affect an offshore wind farm’s cost.

At the time when offshore wind was still emerging, installation and support vessels that were being deployed to build offshore wind farms almost exclusively came from the oil & gas sector, driving up project costs with competition between the two sectors, with vessel availability increasing their price and leading to project delays which bear additional costs on their own.

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