Page 46: of Marine Technology Magazine (November 2019)

Markets Offshore Energy

The‘ New Normal’

By Eric Haun, Managing Editor, Offshore Engineer he “new normal” is a phrase tossed around often in Energy Agency (IEA) said in an October report that the off- offshore energy circles as those servicing and oper- shore wind capacity may increase 15-fold and attract around ating in the sector grapple with the harsh realities of $1 trillion of cumulative investment by 2040, spurred by fall-

Tthe prolonged industry downturn. Operators, service ing costs, supportive government policies and technological companies and equipment suppliers have been forced to adjust advances such as larger turbines (e.g. GE’s 12MW Haliade-X to oil selling at prices well below the $100+ per barrel mark turbine) and innovative