Equinor powers ahead with floating wind turbines despite oil crash

OSLO: Norway approved on Wednesday Equinor’s 4.8 billion Norwegian crowns ($466 million) plan to build floating offshore wind turbines that will provide electricity to North Sea oil and gas platforms, the energy ministry said.

The long-planned project is going ahead despite Equinor’s decision to cut investment following a plunge in oil prices that has reduced the company’s cash flow.

Five platforms at Norway’s Snorre and Gullfaks fields will be the first in the world to receive power from a floating wind park, the oil company said in a separate statement.