Aker Solutions aims to generate about half of its revenue from renewable or low carbon solutions by 2030
Announcing the company’s ‘20/25/30’ strategy, the company said oil and gas will remain Aker Solutions’ biggest market but, over the next decade, the company will have a more balanced portfolio of products and technology that either generates renewable energy or removes or substantially reduces CO2 emissions.
Aker Solutions chief executive Luis Araujo said, “The world will continue to see rising energy demand and the challenge for our industry is the need to deliver this with significantly lower carbon emissions. No company is better positioned than Aker Solutions to deliver the solutions to realise renewable energy offshore and at the same time decarbonise the oil and gas industry.”
In its updated enterprise strategy, Aker Solutions set out growth ambitions in the energy industry and beyond. The company aims to derive 20% of its revenue from renewable energy and 25% from low-carbon solutions by 2030.
The renewable energy solutions will primarily come from floating wind while the low carbon segment is a set portfolio of existing Aker Solutions offerings, including carbon capture, utilisation and storage (CCUS), subsea gas compression, electrifying production assets and unmanned platforms.
Aker Solutions has recently developed and invested in a number of renewable energy and low carbon solutions. These include a 23% stake in Principle Power, which has a proven concept for floating wind and is currently installing the WindFloat Atlantic project. The company is also involved in large-scale windfarm developments in the US and South Korea.
“Growth in segments such as renewables and CCUS increases the addressable market for Aker Solutions,” said Mr Araujo. “Our ambition is to become the recognised leader in low carbon offerings and sustainable solutions.”