Daily Archives: July 2, 2021

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

TOKYO, July 1 (Reuters) - SoftBank Group Corp (9984.T) said on Thursday it plans to raise $7.35 billion this month by selling U.S. dollar- and euro-denominated bonds, the Japanese conglomerate's first such foreign bond sale in three years.

SoftBank plans to sell dollar bonds worth $3.85 billion with maturities ranging from 3.5 years to 10 years, and euro bonds worth 2.95 billion euros ($3.5 billion) with a similar duration.

The group, which hiked its capital commitment to the second Vision Fund to $40 billion, said proceeds from the latest bond issuance would be used to repay debt and general corporate purposes.

The bonds were given a BB-plus junk rating by S&P Global Ratings.

($1 = 0.8438 euros)

Reporting by Sam Nussey, Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

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SoftBank to raise $7.35 bln in offshore bond sale - Reuters

The Taoiseach (Irelands Prime Minister) Michal Martin and the Ministers from the Irish government launched the National Marine Planning Framework (NMPF) on 1 July and confirmed that the publication of the Maritime Area Planning (MAP) Bill 2021, legislation to manage marine development, which was approved by Cabinet on 29 June.

The framework, Irelands first national framework for managing marine activities, will be the key decision-making tool for the governments departments, State agencies, regulatory authorities and policy makers for decisions on marine activities up to 2040. Decisions will include planning applications as well as policies, projects and strategies.

As for the MAP Bill, for which the Irish government says is critical to ensuring Ireland meets its ambitious offshore renewable targets, it will now be brought to the Oireachtas (Irish Parliament) to seek enactment.

Once enacted, the bill will establish in law a new planning regime for the maritime area and replace existing State and development consent regimes, and streamline arrangements on the basis of a single consent principle.

Back in April, Irish Government said it was working on a new maritime planning bill that would remove the regulative and administrative challenges present under the current act and allow for faster realisation of offshore wind projects.

According to information from April, the government has received more than 50 site investigation applications for offshore wind over the last two years, with 24 received since September 2020 alone.

The increase in offshore wind development demand, together with the commitment to meet Irelands targets for reducing carbon emissions and renewable energy, has led to a significant increase in related foreshore consenting activity.

Under the current regulatory regime, the application processes for development and State property consent are complex and challenging.Furthermore, various issues arising from the lease and licensing processes, and the management of some 2,200 existing leases and licences involve a range of complex legal, financial and technical matters for consideration.

The new MAP Bill will replace the existing foreshore consenting and provide for a completely new State consent regime for the entire maritime area, integrating development consenting into the planning permission system.

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Ireland Moves Forward with Setting Up Rules to Speed Up Offshore Wind Development - Offshore WIND

Hywind Scotland created the worlds first floating wind farm which currently houses five 253-meter (about 830-feet) 6MW floating wind turbines. Located about 25 kilometers off the coast of Peterhead, Scotland, Hywinds floating wind farm generates enough electricity for more than 30,000 households.

This offshore wind farm is the first that floats on the seas surface instead of being dug into the ocean bed. Each turbine is anchored to the surface of the sea using three 900-meter chains, in total weighing approximately 440 tons each.

Access to deeper waters means more consistent wind speeds and therefore, more efficiency when generating electricity. There is great worldwide potential to develop more floating wind farms along the coastlines of windier areas and even in deeper waters.

Many more offshore wind farms are being proposed in England and Scotland to start construction in the next three to five years.

Floating wind power has enormous potential to be a core technology for reaching the climate goals in Europe and around the world, says Frank Adam, a wind energy technology expert at the University of Rostock in Germany.

Near shore wind farms consistently gain opposition from conservation groups and coastal residents for various reasons. The development of floating wind farms would help remedy this problem, but there are still those who are concerned about the new floating wind farms.

Although there are many positives to floating wind farms and Hywind Scotland remains the UKs best performing offshore wind farm, there are multiple communities who have raised concerns about Hywind Scotland and other offshore wind farm developments in hopes of stopping future projects.

Commercial fishermen have shown extremely strong opposition to commercial-scale offshore wind because they feel that the development of floating wind farms will make it difficult to impossible to fish in certain areas. This problem could potentially force them into disputes with other fishermen who refuse to share space. This community will present significant challenges to those looking to create and expand floating offshore wind farms.

There are also financial concerns about the development and sustainability of offshore wind farms. Return on investment of wind turbines, cost of developing and maintaining offshore wind farms, and other financial risks are being questioned as this new form of renewable energy grows and progresses. The electricity that is generated from offshore wind is currently twice as expensive as wind turbines found closer to shore. They are three times more expensive than on land turbines. Some question if the cost of floating offshore wind turbines will drop enough to compete with other clean energy tactics and technologies.

Since there are multiple communities who oppose this new type of wind farm, steps need to be taken to show these groups they are being heard and their concerns are being addressed by project leaders.

Performing an economic impact analysis can lessen any financial concerns. Also, the public must be educated about the economic benefits of offshore and floating wind projects by being reminded of an estimate of the number of jobs created for construction, installation, operation, and maintenance of floating wind farms.

Gaining public support should be a priority for any project that is facing opposition. Public Strategy Group can help by creating impactful public affairs campaigns that will positively reach the community through intense outreach, supporter engagement, and persistent communication.

Al Maiorino startedPublic Strategy Group, Inc.in 1995. His firm has developed and managed multiple corporate public affairs campaigns in a variety of industries such as gaming, cable television, retail development, auto racing, renewable energy and residential projects. Additionally, his firm has worked on projects in twenty-seven states and three countries.

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Al Maiorino - Could Floating Offshore Wind Farms be the Next Wave of Renewable Energy? - Renewable Energy Magazine

DUBLIN, July 1, 2021 /PRNewswire/ -- The "Global Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The offshore support vessel market is projected to grow from an estimated USD 22.0 billion in 2021 to USD 26.8 billion by 2026, at a CAGR of 4.0%, from 2021 to 2026.

The growth of the market is also attributed to the increase in exploration activities in ultra-deepwaters and the Arctic region, in countries such as the US, Canada, and Norway.

Also, a growing focus on the European Union's (EU) renewable energy targets would result in increasing the demand for offshore wind energy in Europe.

Thus, the growth in deployment of offshore wind farms would be the opportunity for the offshore support vessel market during the forecast period. Oversupply of offshore vessels acts as a restraint for the growth of the market during the forecast year.

The AHTS segment is expected to hold the largest share of the offshore support vessel market, by type, during the forecast period

Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume as well as value. AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms. These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations.

The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past.

Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project. The global AHTS market dominated the global offshore support vessel market owing to increasing shallow-water activities in the Asia Pacific region.

North America: The fastest market for offshore support vessels

The North American market is projected to be the fastest-growing market, during the forecast period, owing to the continued production and exploration activities, particularly in the US and the Gulf of Mexico. As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry.

Moreover, significant reserves and a comparatively stable political environment have further supported the growth of the offshore support vessel market in the region.

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Market Dynamics

Drivers

Restraints

Opportunities

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Market Map

Average Day Rate

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Case Study Analysis

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Key Players

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For more information about this report visit https://www.researchandmarkets.com/r/kwdjlf

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Global Offshore Support Vessel Market Report 2021: AHTS Segment is Expected to Continue to Account for Largest Share to 2026 - PRNewswire

by J/Boats 2 Jul 05:06 PDT

Over the past three years, as J/121 teams continue to learn how to sail their boats faster and more efficiently, those efforts are not going unnoticed by the world's sailing and racing cognoscenti.

Designed to be an offshore racing machine, the J/121 has not only been competitive on "closed-course" round-the-buoys race tracks, but continues to demonstrate its design pedigree by the J/Design team in major offshore long-distance events.

Just this past month, here are a number of highlights from around the world:

Bill Wiggins and Ashley Maltempo's WINGS won ORC D Class on mostly windward-leeward closed courses, notably winning the Round Island Race quite handily. Furthermore, they beat one of the winningest J/122 teams of all time, Robin Team's Teamwork!

Joe Brito's Incognito won PHRF Performance Spinnaker Class sailing on random-leg point-to-point courses.

Four different boats, four different racing and crew configurations. If you want a 40+ footer that can do it all, look no further.

What's up for the future?

Watch for these three events to set the bar even higher and raise the standard for J/121 sailors. Three iconic offshore events will be taking place soon. All are famous in their own rights for the challenges they represent to each team and are genuine tests of crew work, seamanship, boatspeed, and navigational sailing efficiency. Can your team maintain 95% target boatspeed efficiency 24 hours per day? Some can, no question. Many cannot.

Rolex Fastnet Race:

The grandaddy of the European offshore sailing community is the Rolex Fastnet Race. The 2021 addition will be the first time it starts off Cowes, England, rounds Fastnet Rock, crosses the somewhat hazardous English Channel (and many ships, bit.ly/3jxuJVv) and finishes in Cherbourg, France, making for a longer 695.0nm course. And, with over 450 entries, the largest long-distant offshore racing event around the world-- ever!

Two J/121's will be sailing the Fastnet Race, O'Donnell's DARKWOOD will be joined by the Swedish doublehanded team on Jolene sailed by Fredrik Rydin and John Tuvsledt. In both cases, talented offshore teams that know their way around a race track.

Transpac Race:

Out West, there are two 121's sailing the famous 2,225.0nm Transpac Race, Scott Campbell's RIVA from Portland, Oregon and Scott Grealish's Blue Flash from Portland, OR as well. In the 2019 edition, Grealish's Blue Flash team handily won class and, due to their earlier very light airs start versus other classes starting in breeze a few days later, they missed out on overall honors. With two fast, legendary J/125s up against them in the class above, it will be an amazing test, two J/121's vs. two J/125's. May the best team win.

Chicago to Mackinac Race:

At 295.0nm, it may not seem very far, a 1-day race for big boats, and up to 3-days for smaller boats, depending on conditions. Nevertheless, it consistently proves to be one of the most challenging offshore races in the world. Even the infamous, irascible Ted Turner admitted he got his proverbial butt kicked by the Mac Race sailing his red-hulled 12-meter American Eagle one year (as anyone knows, Turner doesn't admit defeat often).

The predominant features are fast-moving, very powerful weather fronts that can sweep across the race track and are infamous for producing hurricane force winds, hail, and blinding tropical downpours..plus dense fog! It's always a roll of the dice. Champagne sailing in strong southerlies planing all day long to the infamous Pink Pony Bar, or complete and utter hell. You gotta love that race! Sailing will be Bob Christoph's J/121 LOKI with a talented crew from the USA and New Zealand.

Find out more about the J/121 offshore speedster at http://www.jcomposites.eu/j-121-sport-sailboat

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J/121's setting the pace - Competitive on round-the-buoys race tracks and offshore - Sail World

VIRGINIA BEACH, Va. (WAVY) Virginia Beach Mayor Bobby Dyers commission for an $8 billion windfarm will include several international partners.

The $8 billion windfarm, Coastal Virginia Offshore Wind, is slated to have up to 180 turbines that will generate 2,640 megawatts of energy, enough to power up to 660,000 homes.

The commission, chaired by Vice Mayor Jim Wood, will include a broad cross-section of stakeholders, including representatives from Dominion Energy, Virginia Beach, U.S. Navy, U.S. Coast Guard, Tidewater Community College, and more.

Currently, Dominion Energy has constructed two test turbines 27 miles off the coast of Virginia Beach.

Vice Mayor Wood says the commission was designed to bring together a diverse group of people who represent the areas needed to maximize the economic, infrastructure and job creation potential of this project.

We are beginning with an event in August that will bring 40 European supply chain manufacturing companies here to explore ways they can be a part of this effort, said Wood.

The commission includes:

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Virginia Beachs offshore wind commission to include international partners - WAVY.com

The New Jersey Board of Public Utilities this week awarded two new contracts to offshore wind companies to construct the next phase of a planned massive wind farm out in the Atlantic Ocean, off the coast of South Jersey.

Nevertheless, questions remain about the financial impact of the project on ratepayers, and how hundreds of giant wind turbines will affect tourism along the shore and impact schools of fish and whales out in the ocean.

The group Save our Shoreline has collected more than 10,000 signatures opposing the states wind farm plan, in part because it is expected to increase the cost of electricity in the near term, but no one is sure by how much.

When BPU President Joe Fiordaliso was asked what kind of an increase is anticipated for the average Jersey home or business, and how long the higher rates would be in effect once the wind farm project was constructed in 2035, he said clean energy costs money, theres no getting around it, however as time goes on those costs diminish.

He said an example of this is in the solar industry, where costs are half of what they were 14 years ago.

When we look at the clean energy industry we also have to look at the economic benefits that were getting, the thousands of jobs that are being created,"Fiordaliso said.

He noted we should take into account the infusion of billions of dollars into the New Jersey economy from this kind of undertaking.

We will be the supply chain for the entire east coast as far as off shore wind is concerned, he said. So you can just imagine the amount of money, the amount of economic enhancement thats going to occur.

Fiordaliso said when were talking about a shift to clean energy we need to consider up-front cost but also the economic benefit that will follow.

When asked about concerns that the electromagnetic field created by the wind farm may disrupt the migration of fluke and other fish and cause problems for whales that rely on sonar to navigate the seas, he said the BPU is working with our friends in Europe.

Theyve done a lot of studies and [that] has not been a factor that we know of as of now," he said. We have been working very closely with the Department of Environmental Protection to protect not only our recreational fisheries, but also our industrial fisheries.

He said fishing is an important economic tool in the state.

He said fears about tiny specks of wind turbines on the horizon negatively impacting tourism are unfounded and he noted efforts are also underway to work with shipping lines to make sure their access to the Port of New York and New Jersey is not negatively impacted by the wind farm.

Were working with a whole bunch of industries to ensure the fact that to the best of our ability were creating, not destroying, Fiordaliso said.

You can contact reporter David Matthau at David.Matthau@townsquaremedia.com

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NJ offshore wind farms: Pros and cons - New Jersey 101.5 FM

RWE Renewables, through its Polish subsidiary Baltic Trade & Invest Sp. z o.o., has signed Letters of Intent (LoI) with three Polish companies from the maritime sector, which will support the construction of the FEW Baltic II 350 MW offshore wind project in Poland.

RWE has entered into cooperation with LOTOS Petrobaltic S.A., the Polish Ocean Lines S.A. (PLO), as well as with the Port of Gdynia Authority S.A.

The agreement with LOTOS focuses on the technical exchange of experiences in the field of geotechnical surveys, installation and service vessels as well as subsea inspection and services, and potential use for RWEs offshore projects in Poland.

The collaboration with PLO puts the focus on service fleet capabilities, CO2 reduction and the training of crews in the area of offshore wind.

With the Port of Gdynia Authority, RWE plans to provide its experience and knowledge as an offshore wind developer across all technical areas to support the planning of an offshore terminal.

Back in 2019, RWE Renewablesboughta pipeline of up to four offshore wind projects in Poland with a total generation capacity of more than 1.5 GW. The 350 MW FEW Baltic II is one of those projects.

Earlier this year, RWE signed the Grid Connection Agreement with Polands transmission system operator PSE for the wind farm and this April the Polish Energy Regulatory Office (ERO) awarded the project with a Contract for Difference.

The wind farm is located some 50 kilometres offshore, on the north side of the Slupsk Bank in the Baltic Sea. It covers an area of around 41 square kilometres with water depths ranging between 30 and 50 metres.

FEW Baltic II could be operational as early as 2025.

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RWE Assembling Offshore Wind Supply Chain Team in Poland - Offshore WIND

Equinor's expected 4% to 8% internal rate of return on offshore wind projects in developed markets is reasonable, given strong competition and relatively few projects at present, according to a Wood Mackenzie analyst.

Shimeng Yang, senior analyst at the consultancy, agrees that the results of the UK's Crown Estate Leasing Round 4 showed that competition is fierce, especially with the entry of European oil majors into the sector.

Shell, BP, TotalEnergies, Equinor and Eni have renewables capacity targets of at least 125 gigawatts before 2030, with growth ambitions increasing almost by the week.

They have ambitious targets. However, many European countries have plans for significant amounts of offshore wind, Yang said, citing Poland's target of 6GW, Germany's target of 20GW, the UK's 40GW and Denmark's proposed 10GW "energy island".

WoodMac estimates annual spending on offshore wind by European oil majors before project financing will increase to around $8 billion per year in 2025 more than 18 times 2020 levels.

Yang described this as a game-changer for the sector.

WoodMac said big oil companies are better placed to pursue opportunities on a worldwide scale than existing, regionally focused players.

A recent report from the company said the European majors already hold some of the most diversified offshore wind portfolios.

As well as established wind markets like the UK, Germany and the Netherlands, theyre entering committed markets like the US, where projects have won government support but aren't yet operational, it said.

Equinor and Shell have also established positions in emerging and pre-emerging markets, with other majors likely to follow.

The report does not mention credit rating, but a credit rating of AA- (S&P) for Shell and Equinor could give them an advantage in raising capital through project financing over Danish renewables company Orsted, which has a BBB+ rating.

In addition, current crude prices have given the oil and gas majors a huge cash flow advantage.

According to WoodMac, within Europe, the Black Sea is generating much interest for offshore wind developers.

Further afield, China is a huge potential market that remains hard to access for Western companies but is becoming increasingly hard to ignore.

Equinor has signed a partnership to try and get through the door, and this could be a viable route for other European majors, since Chinese players also want to break out. In the long term, some of the most important markets for the majors are probably not even on the map yet, WoodMac said.

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WoodMac remains bullish on offshore wind growth potential - Upstream Online

Greece-based industrial conglomerate MYTILINEOS has signed an agreement with Copenhagen Infrastructrure Partners (CIP) to jointly develop wind farms offshore Greece.

MYTILINEOS entered the agreement through its Power & Gas Business Unit Protergia, and CIP on behalf of its fund CI New Markets Fund I, for a joint cooperation (CIP 60 per cent / MYTILINEOS 40 per cent) on the development of offshore wind projects in Greece.

Both companies will contribute to this cooperation, in order to identify appropriate sites and co-develop and co-invest in offshore wind projects, by combining resources and expertise, MYTILINEOS said.

The principal developer for all the projects to be developed under the CIP-MYTILINEOS cooperation is Copenhagen Offshore Partners (COP).

COP works closely with Copenhagen Infrastructure Partners and has been leading the development of numerous offshore wind projects in Germany, UK, Taiwan, USA, Australia, Japan, Korea, Vietnam, and elsewhere since 2015.

We are proud to collaborate with world leaders in offshore wind projects and we are looking forward to a fruitful cooperation that will enhance both the energy strategy of MYTILINEOS and Greeces energy transition, General Manager of the Power & Gas Business Unit at MYTILINEOS, Dinos Benroubi, said.

Offshore wind is expected to be the largest source of electricity in the European Union by 2040. In order for Greece to achieve its national targets, there is an obvious need for a timely and effective legal and regulatory framework, MYTILINEOS said.

CIP is pleased to join forces with MYTILINEOS exploring a new offshore wind market. It will be a floating offshore wind dominated market, and we look forward to bring our global experience and working with MYTILINEOS and local partners to develop good projects in Greece, CIP Partner Michael Hannibal, said.

MYTILINEOS is active in Metallurgy, Power & Gas, Renewables & Storage and Sustainable Engineering Solutions. Established in Greece in 1990, the company is listed on the Athens Exchange, has a consolidated turnover of EUR 1.9 billion and employs directly or indirectly more than 3,850 people in Greece and abroad.

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Greek Conglomerate and CIP to Jointly Develop Wind Farms Offshore Greece - Offshore WIND