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Market Overview

The Up Coming Play In Offshore Wind Vessels


The U.S. Department of Energy's National Renewable Energy Laboratory (NREL) estimates that the United States has nearly 4,150 gigawatts worth of offshore wind energy potential. Nearly 212 GW of that sits in relatively easy to get to shallow water. The DOE has set goals towards the development of 10 GW worth of offshore wind by 2020 and nearly 54 GW by 2030. New projects continue to be developed with six GW worth of new farms being proposed along the Atlantic coast, and three GW worth have advanced to the permit process.

While most investors focus wind energy investments towards the turbine manufacturers or ETFs like the First Trust Global Wind Energy (NYSE: FAN), another opportunity exists. Specialized ships are needed to construct and service the monster turbines. However, the United States faces a shortage of these vessels. This problem is further compounded by the Jones Act, which prevents ships made elsewhere from servicing domestic ports. Recent adaptation of offshore oil and gas construction vessels (OCVs) for work with wind projects could be the answer.

This could herald a new energy sector business opportunity and there is plenty of unused capacity in the Gulf of Mexico ready to be retrofitted. Investors should take a look at Cal Dive (NYSE: DVR), Global Industries (NASDAQ: GLBL), and Helix Energy Solutions (NYSE: HLX) as possible plays on the theme.


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Posted-In: jones act offshore wind OilLong Ideas Sector ETFs Commodities Global Trading Ideas

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