Contractors are eyeing a sea of business opportunity for floating wind development in waters off Norway.

The oil market collapse in the wake of the Covid-19 pandemic has raised the sense of urgency to diversify into renewables amid spending cutbacks in oil and gas.

The cross-industry group KonKraft, calling for a multi-pronged strategy to slash greenhouse gas emissions earlier this year, said the country's oil and gas industry expertise could ensure "that Norway takes a leading role in developing floating wind farms as well as securing larger market shares for bottom-fixed offshore wind power”.