Energy Transition
Why it is important
Global demand for energy continues to grow and, as a preferred partner of choice to the offshore energy industry, Subsea7 will play a proactive role in the construction of sustainable offshore energy developments around the world and will support the transition of supply towards lower-carbon sources of energy. We play an important role in helping supply that energy, from both renewable and non-renewable sources.
Supporting our clients
Renewable energy has become an important part of our business and we aim to support our clients to accelerate the energy transition and to provide their consumers with increasing volumes of affordable wind power. We utilise our skilled people and their wealth of marine construction expertise together with our construction vessels, equipment and facilities to develop and deliver the best and most cost-efficient offshore wind farm solutions. We have many years of experience in heavy lifting and cable lay in harsh marine environments that is invaluable for the installation of offshore wind farms. Over time we expect that this will result in a growing proportion of our activity coming from renewable energy services.
Fixed offshore wind
Seaway 7, our fixed offshore wind business unit, has an established position in the renewables supply chain, providing our clients with foundation installation, turbine installation, cable lay and transportation services for the construction of offshore wind farms through various contracting models ranging from Transport & Install (T&I) to integrated T&I and EPCI. With over 10 years of experience, we have built and installed hundreds of foundations and kilometres of inner-array cables for fixed offshore wind farms worldwide.
The levelised cost of electricity (LCOE) from offshore wind has decreased significantly over the last 10 years, driven by increased efficiency in transportation and installation, bigger turbines, and cost improvements in the supply chain.
As a result of these cost reductions, supported by the capability and expertise of contractors such as Subsea 7, offshore wind farms are now economically viable at significantly lower levels of government subsidy. The global fixed offshore wind farm market has grown rapidly with more than 50GW of capacity anticipated to be installed by the end of 2025 globally. Looking ahead, further significant growth is projected as society looks to increase investment in renewable energy and carbon-neutral alternatives.
Floating offshore wind
Floating offshore wind is the next most promising growth area for offshore renewables. Floating wind offers the possibility to further support energy transition by allowing greater quantities of offshore wind to be developed by using areas where the water is too deep to allow the construction of fixed offshore wind farms. While there are no significant commercial farms anticipated in the short term there are a large number of demonstrators and concepts in operation with a number of smaller projects being progressed to provide clean power to remote offshore oil and gas facilities. We are actively participating in these projects and are growing our technical capability and expertise in this area to be ready to support future large-scale commercial developments. Floating wind farms are expected to become a significant contributor to the energy transition in a five to ten-year time frame.
Gas development
Gas has an important role in the transition to lower-carbon energy, as it is an energy source that releases lower-carbon emissions to the atmosphere when used to generate power and helps to lessen dependence on coal. Subsea7 has extensive expertise and experience in large offshore gas field developments. Our proprietary technology and engineering capability support our clients in developing these fields cost effectively and efficiently.
Our targets
- 35GW Cumulative power capacity of renewables projects supported by 2030 (18GW by 2025)
Our commitments
As part of the UN Global Compact’s goal to ensure access to affordable, reliable, sustainable and modern energy for all, we are committed to progressing and supporting the transition towards lower-carbon sources of energy (Principles 7, 8, 9).
Subsea7 supports the UN Sustainable Development Goals
