Statoil Makes First Investments in Wind Energy

11 July 2007

The Norwegian oil and gas company Statoil is investing in Sway, a developer of floating wind turbines for deployment in deep water.

Through the issuing of shares, Sway has brought Statoil, Scatec, Lyse and Rosenberg on board as new, long-term owners. The equity dilution is worth NOK 150 million (US$26 million) with Statoil promising NOK 75 million (US$13 million) on the proviso that Sway is able to meet agreed target milestones.

The first full-scale wind turbine is expected to be completed and installed between 2010 and 2012.

We see great potential for energy production from sea-based wind turbines. Statoil is working actively with the business development of new and cleaner energy solutions. Our offshore expertise gives us a good foundation to be leading in the development of future-oriented technology and renewable energy at sea

—Ann-Elisabeth Serck-Hanssen, Statoil new energy business unit

In addition to share interests in Sway, Statoil acquired a 14% interest in ChapDrive on 27 June, a technology company that has developed a patented system for hydraulic power transfer for wind and tidal turbines. ChapDrive has its origins from the Norwegian University of Science and Technology (NTNU) in Trondheim.

The investments in Sway and ChapDrive are Statoil’s first direct investment relating to the further development of wind power technology.