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    AOW   NO0010890312

AKER OFFSHORE WIND AS

(AOW)
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Ocean Winds and Aker Offshore Wind Unveils Vision to Attract Manufacturing Base to Scotland for Floating Offshore Wind Industry

10/29/2021 | 03:36am EST

A vision of what a new manufacturing base in Scotland would need to build for the floating offshore wind revolution has been unveiled by Ocean Winds and Aker Offshore Wind that will be used to attract global investors to the country. The immersive virtual reality design has been developed in conjunction with the National Manufacturing Institute Scotland at the University of Strathclyde as part of the early investment process required to develop the major new industry that will create thousands of local jobs. An engagement event was held last night at the university with a range of international fabricators with an active interest in Scottish developments which would consider setting up here. The approach taken ensures that international representatives will have time to design and prepare the base in time for bidding for work. With the first steps in the journey of setting up a facility in Scotland underway, Ocean Winds and Aker Offshore Wind can move at speed to support the development of the Scottish supply chain because the companies have already identified which technology - the 'WindFloat' - they plan to use at floating offshore wind sites. The companies are the majority owners of Principle Power Inc, which has developed the 'WindFloat' steel-based floating platforms - the world's most proven floating offshore wind technology - to harness this energy. The model will be shared globally with fabricators looking to establish and choose the location of an internationally cost-competitive site in Scotland for the fabrication and assembly of floating platforms. And it will also be used locally with the Scottish and UK supply chain which stands to benefit from the creation of new jobs and opportunities. As part of the current ScotWind leasing round, Ocean Winds and Aker Offshore Wind have submitted floating offshore bids across several sites in the Outer Moray Firth that, combined, could generate 6GW of energy. As detailed in the partners' supply chain manifesto published earlier this week, more than 5,000 jobs would be created through direct work and supply chain opportunities for each site, along with around 200 apprenticeships. With an established ScotWind design and the expertise of the National Manufacturing Institute Scotland, Ocean Winds and Aker Offshore Wind can move earlier to start the floating offshore wind revolution. This in turn enables early engagement with fabricators to help them get ready for the ScotWind roll-out and shape the design of the plant based on their fabrication delivery capability. Around 80% of the world's wind resources are in waters deeper than 60 metres and are unsuitable for fixed foundations. Floating offshore wind has become the latest advent in renewable energy technology and is set to deliver a green industrial revolution for Scotland with a 'just transition' from the oil and gas industry. Ocean Winds and Aker Offshore Wind have made a commitment to 40% minimum supply chain content in Scotland as part of a 60% commitment from the UK, with early enabling investment of tens of millions of pounds in building supply chain capability within the first four years of winning a site.


ę S&P Capital IQ 2021
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Financials
Sales 2021 9,69 M 1,09 M 1,09 M
Net income 2021 -233 M -26,1 M -26,1 M
Net cash 2021 166 M 18,6 M 18,6 M
P/E ratio 2021 -9,22x
Yield 2021 -
Capitalization 2 138 M 239 M 239 M
EV / Sales 2021 203x
EV / Sales 2022 180x
Nbr of Employees 18
Free-Float 46,4%
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Mean consensus BUY
Number of Analysts 3
Last Close Price 3,15 NOK
Average target price 6,90 NOK
Spread / Average Target 119%
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Managers and Directors
Philippe Kavafyan Chief Executive Officer
Tom Selwood Chief Financial Officer
Henrik O. Madsen Chairman
Geir Olav Berg Chief Technology Officer & Senior VP-Engineering
Kristian Monsen R°kke Director
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