KV Ventus, a wholly-owned subsidiary of Keppel Corp. (headquartered in Singapore), has agreed acquire a 49.9-percent stake in offshore wind turbine foundation designer OWEC Tower for approximately $10.23 million.

OWEC Tower, headquartered in Norway, is a leader in the design and engineering of offshore wind turbine foundations. The company has developed a proprietary jacket foundation design known as OWEC Quattropod, said to "separate and optimize the piling and jacket installation process, resulting in reduced installation costs and faster project delivery."

The investment will enable Keppel Offshore & Marine to tap into OWEC Tower's expertise to further develop its business in the design and construction of offshore wind turbine foundations, as well as installation and support vessels.

Michael Chia, director of group strategy and development at Keppel says, "We are seeing offshore wind energy rapidly gaining traction around the world, and a large number of offshore wind farms are under construction and planning. This will result in a huge increase in demand for foundation structures. With OWEC Tower's leading design in this segment, our partnership puts us in the ideal position to capture a share of this market.”

As offshore wind farms move into deeper waters with bigger capacity turbines, he adds, a large number of jacket foundations will be required. "With our experience and expertise as a leading rig builder, we see good potential in supporting OWEC Tower to meet this demand in a cost-effective and reliable manner."