Geoje, 13 June 2024 – Equinor and Samsung Heavy Industries (SHI) today reaffirmed their long-standing partnership and commitment to advancing Korea’s energy transition through the development of the Bandibuli offshore wind project in Ulsan.
The meeting marks 20 years of successful collaboration between the two companies, which have worked together on numerous oil and gas projects starting with the Kristin hull fabrication in 2002. The two companies now seek to expand their efforts into renewable energy and potentially also low-carbon solutions.
During the meeting, Anders Opedal, Equinor’s President & CEO and Sungan Choi, SHI’s Vice Chairman & CEO, discussed their shared vision for sustainable energy production and the importance of leveraging their combined expertise to support Korea’s offshore wind ambitions. A key highlight of the meeting was Equinor & SHI’s joint commitment to collaborate on the Bandibuli floating offshore wind project development and both parties had discussion to utilize SHI’s Shinhannae Yard located in Geoje as the marshalling(turbine integration onto floaters) yard for the Bandibuli floating offshore wind project. Turbine integration onto a floating substructure is a new industry in Korea, and through this joint cooperation on Bandibuli there will be technology transfer to Korea ensuring that SHI will be in prime position in this expanding global market segment. Equinor and SHI will also collaborate on the fabrication of the 50 floating substructures for the Bandibuli project.
“Our collaboration with Samsung Heavy Industries is built on a foundation of mutual respect and trust developed over the past two decades. Together, we have achieved significant milestones in the oil and gas sector. Now we are excited to bring our combined expertise to develop robust and investible projects in the renewable energy sector. The Bandibuli project is testament to our shared commitment to advancing the energy transition in Korea,” said Anders Opedal, President & CEO of Equinor.
Sungan Choi, Vice Chairman & CEO of Samsung Heavy Industries, commented, “We are proud to support the Bandibuli project with our dedicated and competitive resources for floater supply expertise service and the turbine integration activities which will be performed in most safe manner. This commitment showcases our dedication to Korea’s energy transition and to fostering innovation in offshore wind technologies. Our long-standing partnership with Equinor is important in driving the success of this project and future collaborations in renewable energy.”
Through this cooperation Equinor is able to secure a reliable partner to safely perform the fabrication of floaters including marshalling at the Shinhannae for the Bandibuli project which will also contribute to local value creation for the project – a key requirement in the upcoming Power Purchase Agreement (PPA) auction. This commitment from SHI is important for Bandibuli’s development and demonstrates the company’s dedication to supporting Korea’s energy transition.
The Bandibuli project will potentially be the first major joint project between Equinor and SHI in renewable energy. Success in the auction will lay a solid foundation for future collaboration, reinforcing both companies’ commitment to renewable energy. The Bandibuli project is progressing well and is currently preparing to submit an application for this year’s offshore wind auction.
