GE Vernova Lawsuits, BP Renewables, Maersk Supply Service Acquired

The Uptime Wind Energy Podcast

GE Vernova is suing SKF USA for $386 million over failing bearings, and American Electric Power (AEP) is suing GE Vernova for wind turbine failures. WUPROHYD is looking to combine wave, solar, and wind power generation into a single floating structure, potentially revolutionizing offshore renewable energy production. BP's CEO is moving company focus away from renewables. DOF Group acquires Maersk Supply Service for $1.11 billion in a cash and stock deal. Jupiter Bach is facing challenges due to EU sanctions on Chinese fiberglass. Nordex plans to restart production at its facility in Iowa. Bureau of Ocean Energy Management (BOEM) has issued key approvals for two major offshore wind projects: Atlantic Shores South and New England Wind. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.com Allen Hall: Welcome to the Uptime Wind Energy Podcast. I'm your host, Allen Hall, and I'll be bringing you this week's top stories in the wind energy sector. BP is making significant changes to its strategy under new CEO Murray Auchincloss. The oil giant has implemented a company wide hiring freeze and paused new offshore wind projects. This marks a stark departure from the previous leadership's focus on rapidly transitioning to renewable energy. Auchincloss is redirecting the company's focus back to oil and gas investments, particularly in the Gulf of Mexico and U. S. shale basins. Dozens of employees previously working on new renewable opportunities have been reassigned to existing projects, and the company is also expected to make job cuts in its renewable sector, though specific numbers haven't been announced. These changes come as BP faces investor discontent over its energy transition strategy, And underperforming shares. The company is now aiming to balance its decarbonization goals with the current high demand for oil and gas. Industry analysts see this as a significant shift in BP's approach to the energy transition, potentially setting a new trend in the oil and gas sector. Moving on to global shipping news, Norwegian supply shipping company, Dof Group, has agreed to acquire Maersk Supply Service for about 1. 1 billion. Dof will pay 577 million in cash and issue new shares worth 1. 1 billion. Merrick Supply Service Holding set to own 25 percent of Doff's shares after the transaction. The combined company will operate under Doff's name and remain listed on the Oslo Stock Exchange. The deal is expected to close in the fourth quarter of this year. DOP plans to finance the acquisition through a 500 million dollar debt facility and up to 125 million dollars in equity. In related news, a new company called Maersk Offshore Wind has been launched to accelerate offshore wind deployment. The company will provide installation services. Using a new wind installation vessel concept, which is estimated to reduce installation time of offshore wind turbines by about 30 percent compared to conventional methods. This efficiency is expected to lower overall installation costs for developers. The first vessel is scheduled for delivery in 2025. Maersk Offshore Wind, a spinoff of Maersk Supply Service, is owned by AP Moller Holding and will be headquartered in Denmark. The company aims to support the growing offshore wind market, particularly in Europe and the U. S., where ambitious targets for install capacity have been set for 2030 and 2050. European wind industry supplier Jupiter Bach is facing challenges due t...