Wind’s $168 Billion North Sea Boom Lures Oil Industry
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Oil service companies led by Technip SA and Subsea 7 SA for the first time are working with wind energy developers in the North Sea’s 14 billion-euro ($19 billion) a year market.
The offshore engineers plan to exploit the similarities between building undersea oil installations and constructing offshore wind farms and have both established renewable energy units. Petrofac Ltd. also offers expertise to wind developers in the North Sea, where fossil fuels first discovered in 1966 are being depleted as clean energy demand rises.