StatoilHydro to test floating wind turbine

Stavanger, Norway-based oil and gas producer StatoilHydro (NYSE: STO) announced plans today to build the world's first full-scale floating wind turbine.

Called the Hywind, StatoilHydro said it's investing $80 million in the project, which is expected to go in the water 10 kilometers off Norway'swest coast.

The company said the 2.3 megawatt turbine is scheduled to go online in late 2009, with testing to take place over a two-year period.

"If we succeed, then we will have taken a major step in moving the wind power industry offshore," said Alexandra Bech Gjørv, head of new energy at StatoilHydro.

Gjørv said the company is drawing on its offshore expertise from the oil and gas industry to develop offshore wind power.

"Taking wind turbines to sea presents new opportunities," she said. "The wind is stronger and more consistent, areas are large and the challenges we are familiar with from onshore projects are fewer."

StatoilHydro said the wind turbine, with a rotor diameter of 82 meters, would be built by Germany's Siemens (NYSE: SI).

Technip (OTC: TKPPY), a Paris-based offshore services group, will build the floatation element and handle the installation, with Nexans, also headquartered in Paris, laying cables to shore.

StatoilHydro said Norway's state-owned Enova would invest $11.8 million in the project.

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