Technip's chief claims that the floating wind market is'much smaller than expected'

Technip Energies CEO Arnaud Pietten said that the demand for floating wind turbines was much lower than it had been only three to five years ago. This reflects a broader concern across the wind industry.

Ekwil is Technip and SBM Offshore's joint venture that focuses on "floating wind energy solutions". It will be there when projects are made. Pieton, in a call with reporters following the earnings announcement, said that there were very few projects at present.

Pieton noted that the technology was expensive and only a few environments were suitable for its use. Global headwinds have been affecting the offshore wind industry. Several European countries were unable to attract bidders for their offshore wind farm development?last year. Donald Trump, the U.S. President, issued a stop-order on offshore wind projects in December. This included those developed by Orsted. A U.S. Court allowed the Danish group to resume work on the projects in February. Vera Dvorakova in Gdansk, with additional reporting by Olivier Cherfan. Editing by Milla Nissi-Prussak.

(source: Reuters)