Highlights from our lunch seminar on renewable energy

The first part of the seminar provided insights into the potential of offshore wind in Norway and internationally. Thina M. Saltvedt from Nordea started the seminar and introduced the audience to the urgency and development of renewable energy. Since the COP-28 conference, there has been an international agreement to push the world towards renewable energy. The EU wants to cut 90 percent of CO2 emissions within 2040. Saltvedt reminds us to turn up the pace and make the green shift possible.

Mads Eriksson and Jonathan Krabberød, representatives from Nordea, shared insights on the promising opportunities for Norwegian players in the offshore wind sector. Norway aspires to be a leading nation in offshore wind energy and requires reliable and trustworthy partners to fund these initiatives and create secure contracts. The bankers also elaborated on how risk management is shared between the bank and service provider.

Crucial with close collaborations and trusted partners

June Snemyr and Snorre Valdimarsson, who are lawyers at Thommessen, provided us with insights into the nature of contracts in the offshore industry. According to Valdimarsson, the process of finalizing a contract takes around nine months from start to finish. Therefore, it is crucial to ensure that there is sufficient cash flow and working capital to support the project throughout its lifespan.

SVP Sales and Marketing Christian Utvik from VARD shared his insights about cooperation within the maritime value chain. VARD has been building ships for generations and enables sustainable business at sea. Utvik emphasizes the significance of having local companies with competent professionals near the home base. It is crucial to team up with strong and innovative partners. The shipyards follow the entire process from constructing new vessels to repairing and maintaining them.

Financing and guarantee claims

The second part of the seminar guided us through how offshore projects are financed and was introduced by Bodil Sannes-Vardenær, senior customer responsible from Eksportfinansiering Norge (Eksfin). She pointed out that Eksfin increases their capacity to finance coming projects on a “green” basis. Eksfin can participate with other financial institutes and enable projects through the whole value chain. 40 billion NOK are placed to finance offshore wind projects so far. This is important for Norwegian value creation when local suppliers bet on internationalization and growth. Møre og Romsdal stands out with most exports per employee.

Jonathan Krabberød from Nordea presented us the guarantee claims from the bank and how they are used in a negotiation situation. Financial security is crucial for every collaboration partner in the offshore wind industry. Krabberød shared useful hints about how to survive in this marked and how important it is to have a great bank network. He explained us that you need save partner who can prepare a reliable risk profile before your company bets on international investments.

 The last lecture of this lunch seminar was given by Henning Støylen from Offshore & Trawl Supply (OTS). Henning told us insights form a leading Norwegian manufacturer of customized high tech fiber ropes and how the company adapts in new markets. He presented us challenges and investments into new projects and how OTS contributes on a significant reduction of CO2.

All in all, we experienced an informative and entertaining lunch seminar with many competent lecturers and interesting insightful messages from the scene.