Daily Archives: January 25, 2020

HAMILTON, Bermuda, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) announced that, effective January 22, 2020, Brookfield Business Partners L.P., together with certain of its affiliates and institutional partners (collectively, the Brookfield Consortium), has completed its acquisition by merger (the Merger) of all of the outstanding publicly held and listed common units representing limited partner interests of the Partnership (common units) held by parties other than the Brookfield Consortium (unaffiliated unitholders) pursuant to the agreement and plan of merger (the Merger Agreement) among the Partnership, Teekay Offshore GP L.L.C. (TOO GP), the general partner of the Partnership, and certain members of the Brookfield Consortium.

The Partnership also announced today certain changes to the Board of Directors and that following the closing of the Merger and the completion of the Partnerships separation from Teekay Corporation, the Partnership plans to change its name to Altera Infrastructure L.P. and to rebrand its consolidated group of companies under the new umbrella of Altera Infrastructure.

Completion of Acquisition by Merger

Under the terms of the Merger Agreement, common units held by unaffiliated unitholders were converted into the right to receive $1.55 in cash per common unit (the cash consideration), other than common units held by unaffiliated unitholders who elected to receive the equity consideration (as defined below). As an alternative to receiving the cash consideration, each unaffiliated unitholder had the option to elect to forego the cash consideration and instead receive one newly designated unlisted Class A Common Unit of the Partnership per common unit (the equity consideration). The Class A Common Units are economically equivalent to the common units held by the Brookfield Consortium following the Merger, but have limited voting rights and limited transferability.

As a result of the Merger, the Brookfield Consortium owns 100% of the Class B Common Units, representing approximately 98.7% of the outstanding common units of the Partnership. 100% of the Class A Common Units, representing approximately 1.3% of the outstanding common units of the Partnership as of the closing of the Merger, are held by the unaffiliated unitholders who elected to receive the equity consideration in respect of their common units.

Pursuant to the terms of the Merger Agreement, the Partnerships outstanding preferred units were unchanged and remain outstanding following the Merger.

Unaffiliated unitholders of record as of immediately prior to the effective time of the Merger who are entitled to the cash consideration will receive from the exchange agent, for each common unit held by them, the cash consideration, without interest and net of any applicable withholding taxes, in exchange for the cancellation of such common units. Unaffiliated unitholders who hold their common units in street name through their broker, bank or other nominee will not be required to take any action to receive the cash consideration for their common units, as the exchange agent will arrange for the remittance of the cash consideration with The Depository Trust Company for distribution to the applicable broker, bank or nominee on behalf of such beneficial owners. Any questions concerning the receipt of the cash consideration from unaffiliated unitholders who hold common units in street name should be directed by such holders to their applicable broker, bank or nominee.

Unaffiliated unitholders of record as of immediately prior to the effective time of the Merger who are entitled to the equity consideration will receive from the exchange agent, upon receipt of any documents required by the instructions to Election Form and Letter of Transmittal delivered to such unaffiliated unitholder in connection with the Merger, the equity consideration, in exchange for the cancellation of such common units.

The Partnership also announced today that it requested that trading of its common units on the New York Stock Exchange (the NYSE) be suspended before the beginning of trading on January 23, 2020. The Partnership requested that the NYSE file a Form 25 with the United States Securities and Exchange Commission (the SEC) notifying the SEC of the delisting of its common units on the NYSE and the deregistration of the common units. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC. The Company intends to suspend its reporting obligations with respect to the common units under the United States Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC in approximately 10 days. Reporting obligations in respect of the outstanding preferred units remain unchanged.

Changes to Board of Directors

The Partnership also announced today the following changes to the Board of Directors of TOO GP:

Bill Utt, Chairman of the Board of Directors of TOO GP, commented On behalf of the entire Teekay Offshore Board, I wish to recognize David for his service as a Teekay Offshore Director since our initial public offering 14 years ago and thank him for the significant contributions he has made to the Partnership during his tenure. Whilst Kenneth will not leave the Board immediately, I also wish to thank him at this time for his input to Teekay Offshore and in particular for his support in the important transition from Teekay Corporation to Brookfield ownership.

Plan to Rebrand as Altera Infrastructure

Following the closing of the Merger, the Partnership also announced that it intends to change its name to Altera Infrastructure L.P. and to rebrand the consolidated group of companies under the new umbrella of Altera Infrastructure. The intention is to start going live with this branding transition from March 24, 2020 and additional details on the effective date of the Partnerships change of name will be communicated in due course.

Ingvild Sther, Group CEO, commented This combination of corporate actions marks a new, exciting chapter for the Partnership. We are establishing a global energy infrastructure services company that will create long term value for its stakeholders. Upholding our uncompromised commitment to operational excellence and safety, we will be relentless in our pursuit of opportunities that lead to strong results and lower emissions. The innovation of the E-shuttle tankers is evidence of the Partnerships ability and willingness to take a leading role as the industry is moving towards a more sustainable future.

Forward Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Although the Partnership believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause actual results to differ materially from the Partnerships expectations and may adversely affect the Partnerships business and results of operations are disclosed in Item 3 of the Partnerships Annual Report on Form 20-F for the year ended December 31, 2018, filed with the SEC on February 28, 2019, as updated and supplemented by subsequent filings with the SEC. The forward-looking statements speak only as of the date made, and, other than as may be required by law, the Partnership undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

About Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore has consolidated assets of approximately $5.2 billion, comprised of 56 offshore assets, including floating production, storage and offloading units, shuttle tankers (including six new buildings), floating storage and offtake units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety. The majority of Teekay Offshores fleet is employed on medium-term, stable contracts.

Teekay Offshores preferred units continue to trade on the New York Stock Exchange under the symbols TOO PR A, TOO PR B and TOO PR E, respectively.

For Investor Relations enquires contact:

Jan Rune Steinsland, Chief Financial OfficerTel: +47 97052533Website: http://www.teekayoffshore.com

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Teekay Offshore Partners Announces Completion of Its Acquisition by Brookfield, Changes to Board of Directors and Plan to Rebrand as Altera...

A RUTHIN-BASED civil engineering company has started work for the worlds largest offshore wind farm.

Jones Bros Civil Engineering UK has commenced construction on onshore works for Dogger Bank Wind Farms near the coastal village of Ulrome, the East Riding of Yorkshire.

Dogger Bank Wind Farms, a joint venture between SSE Renewables and Equinor, is made up of three offshore wind farm sites, totalling 3.6 gigawatts (GW): Creyke Beck A (1.2GW), Creyke Beck B (1.2GW) and Teesside A (1.2GW).

The offshore wind farm will generate enough renewable energy to power more than 4.5 million homes each year.

Ruthin-based Jones Bros was awarded the contract to install the onshore cable infrastructure for the Creyke Beck A and Creyke Beck B sites.

The works will also involve completing bulk earthworks at the onshore HVDC convertor station locations in East Riding.

The onshore infrastructure includes the installation of approximately 20 miles of electrical cables within ducts.

The ducts will be installed within trenches and where required via drilling under existing infrastructure and natural obstacles.

The completed onshore cable will transport the power generated by the two offshore wind farm sites, Creyke Beck A and Creyke Beck B, from the landfall point at Ulrome to the new convertor stations (one per project) in the south of Beverley.

The works contract also includes vegetation clearance, preparing access junctions and construction of a temporary access road to facilitate the main works, and installation of pre- and post-construction land drainage.

The full works are expected to take approximately two years to complete.

Steve Wilson, managing director of Dogger Bank Wind Farms, said: Getting the first spade in the ground is a significant milestone on any project, but for what will be the worlds largest offshore wind farm, this is a major moment for a project that has already been over a decade in the making.

Dogger Bank Wind Farms will play a critical role in the UKs effort to achieve net-zero through the use of low-carbon fuel sources and were incredibly pleased to work with one of the UKs leading civil engineering contractors, Jones Bros, as we commence construction and start delivering Dogger Bank.

Garod Evans, Jones Bros contracts director, said: We have worked with SSE Renewables on major schemes previously and we are delighted to be developing our partnership through working with them and now Equinor on the onshore works for Dogger Bank Wind Farms.

There will be up to 100 Jones Bros personnel, from management to apprentices and trainees, on site at the height of the works.

This is a really significant project to be involved with and its exciting for us to play a part in delivering support to what will be the worlds biggest offshore wind farm.

Dogger Bank Wind Farms will be home to the worlds most powerful turbine, GEs Haliade-X machine.

All three sites were successful in the UKs September 2019 Contracts for Difference (CfD) auctions.

Originally posted here:

Ruthin firm starts work on the world's largest offshore wind farm - Denbighshire Free Press

COLUMBIA, S.C. It's another busy week at the South Carolina State House as lawmakers consider a variety of bills like offshore drilling bans, distracted driving, and medical marijuana.

Offshore drilling ban

Momentum continues to build for a ban on offshore drilling and related infrastructure in South Carolina's waters and coastal regions.

This week, S.870 made it out of a Senate subcommittee with approval.

S.870 would 'prohibit' the approval of a plan, license, or permit application for infrastructure used to transport crude oil or natural gas from the Atlantic ocean into the state or for oil and gas exploration in the state's waters, according to the bill's language.

You can read it here.

The movement has bipartisan support for a variety of different reasons.

Senator Goldfinch: "The primary reason behind that, the impetus behind that is that there's just really not the available land to provide for those port/refinery activities in South Carolina. If you look at my district alone, from Murrells Inlet to Isle of Palms, 90 percent of that land on the coast is protected in some way, shape or form," said Senator Stephen Goldfinch, (R) Georgetown.

"God put incredible beauty and natural splendor in South Carolina and we've got an obligation to preserve it and maintain it for our kids and our grandkids. That's just how I approach our wonderful, beautiful state and the world that we live in. And then I look at the economics of it. And I say, you know, does it make sense to drill for oil offshore from some of the most beautiful and used beaches in America? Where, tourism is one of our biggest industries," said Senator Vincent Sheheen, (D) Kershaw.

The Governor's office said Governor Henry McMaster continues to be against offshore drilling, saying South Carolina's 'beautiful coastline' is not suitable for the infrastructure required.

Distracted Driving

Also this week, a proposed distracted driving ban made it out of subcommittee with favorable approval.

The bill would make it illegal to drive with a handheld electronic device in hand or use it while operating a vehicle, with few exceptions.

You can read the bill here.

"Spent hours on the phone with mothers who have lost children because of distracted driving and so, through those conversations, I became pretty well acquainted with the human toll of this behavior," said Senator Wes Climer, (R) York.

Climer sent the proposed bill from his subcommittee to the full Transportation Committee, which is expected to begin debate on it next week.

The subcommittee changed some penalties, making it $150 and 0 license points for a first offense and two license points and $300 for a second offense

Medical Marijuana

In a press conference Wednesday, a group of patients, doctors, and others asked the state to pass the Compassionate Care Act.

The act would legalize medical cannabis in South Carolina. Supporters of the bill call it one of the most conservative in the country and say it's not a pathway to legalization of marijuana.

Margaret Richardson has a chronic pain condition and said the new treatments would help.

"Please give us a chance to treat our specific needs, legally. And let us, I repeat, have an opportunity to live life," Richardson said at the press conference.

The Compassionate Care Act remains in Senate committee.

More veterans in nursing

Members of the House are a step closer to making it easier for veterans to become nurses in the state.

They passed a bill Tuesday which would create associate and bachelor-degree veteran nursing programs at higher education facilities across the state.

The measure urges stakeholders to allow veterans to apply relevant military medic education and training towards a degree.

Representative Tommy Stringer said the idea came to him after a doctor's appointment.

"Well we have a significant nurse shortage in the state and it occurred to me we have a lot of military people retiring here, so it made sense that we would take advantage of the training they already had paid for by taxpayer dollars and integrate it into a nursing program," Stringer said.

The bill would still need Senate approval and the Governor's signature to become law.

Read the rest here:

Offshore drilling ban, veterans in nursing, and medical marijuana on State House minds this week - WLTX.com

TheFrench Government has increased its offshore wind ambition in the latestdraft of the programmations pluriannuelles de lnergie (PPE), which setsout the countrys energy strategy for the period 2019-2028.

The Government aims to increase its installed offshore wind target from4.7-5.2 GW to 5.2-6.2 GW by 2028. The PPE sets out a tender programme foran additional 1 GW fixed project to be tendered in 2021-2022 and 2023 anda second 250 MW floating project in the Mediterranean in 2022. Annual tenderingcapacity from 2024-2028 for fixed and floating has also been increasedfrom 500 MW to 1 GW.

The increase was sparked by the success of the 500 MW Dunkirkauction in June 2019, which saw an EDF-led consortium win with a dramaticallylower bid than expected of 44/MWh. The PPE envisages prices for fixedand floating to range from 50-60/MWh and 110-120/ MWh for future tenders.A public consultation on the PPE started on 20th January and will closeon 19th February.

For more information on offshore windfarms worldwide,clickhere.

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France ups offshore wind ambitions - 4C Offshore

The Financial Services Tribunal has upheld a ruling against asset manager 36One Asset Management that it solicited investments into unapproved offshore funds in contravention of the law.

The tribunal also upheld the fine of R350,000 imposed on the manager for the contravention.

Investing offshore gives you a chance to diversify your portfolio to include investments in different economies, geographic regions and a wider selection of companies. It also increases your potential to earn returns under different conditions.

However, to help you invest in safe, familiar, offshore investments with providers that are easy to contact, the Financial Sector Conduct Authority (FSCA) only allows offshore funds that are registered with it to be marketed to you.

To register, funds must comply with certain requirements such as having a local representative and conform to similar regulation to that which governs South African funds in order to protect investors. Funds may choose not to register with the local regulator and this does not prevent you from investing in them if you want to, but providers cannot actively market them to you.

36One had two offshore hedge funds based in the Cayman Islands that it did not register with the FSCA and between August 2015 and March 2018 it included details about these funds on its website, in newsletters sent to clients, and presentations made to clients.

In April last year, the FSCA said that by publishing and marketing the funds, 36One effectively solicited investment into the unapproved funds in contravention of the Collective Investment Schemes Control Act (CISCA).

In terms of the CISCA, managers may only solicit investment into offshore funds that have been approved by the FSCA. The act criminalises soliciting of investment in unapproved offshore funds.

Hedge funds were required to register as collective investment schemes with effect from April 2015.

36One appealed to the tribunal to have the FSCAs ruling set aside, arguing in its defence that the word solicit in CISCA means an intentional and earnest request to the public to invest, and the inclusion of the unapproved funds in its publications did not mean there was intent to promote investment into the funds.

The tribunal rejected this argument as improbable and agreed with the FSCA that promoting the unapproved funds in its publications amounted to soliciting investments.

Disingenuous disclaimer

The tribunals judgment was also clear that by including the unregistered funds in the companys portfolio on its website the company was marketing those funds.

Read this article:

Why 36One lost its appeal over offshore funds - Business Day

The ammonia-driven fuel cell system will be installed on the Viking Energy in 2024.

(Courtesy Eidesvik Offshore)

Offshore staff

STAVANGER, Norway Equinor and Eidesvik Offshore have agreed to modify the supply vessel Viking Energy to make it capable of covering long distances fueled by ammonia.

Earlier this week Equinor awarded Eidesvik a five-year contract with effect from April 2020, when the current contract expires. In the contract period, the Viking Energy will be part of a research project developing, installing, and testing long-distance sailing fueled by ammonia fuel cells. The technology will be tested on the vessel in 2024.

Cecilie Rnning, senior vice president for Equinors joint operations support, said: Equinor aims to reduce the emissions in our supply chain, and regards the use of ammonia as a promising solution. Viking Energy may become the first supply vessel in the world covering long distances fueled by pure carbon-free ammonia.

Equinor is part of the ShipFC project, a consortium of 14 European companies and institutions coordinated by NCE Maritime Cleantech. The main partners of the five-year research project are NCE Maritime Cleantech, Eidesvik, Wrtsil, Prototech, and Equinor. Wrtsil will deliver the power technology and ammonia storage and distribution systems. Prototech will deliver the fuel cell system.

The project will test whether the technology can deliver 100% carbon-free power over long distances.

Vermund Hjelland, vice president of technology and development at Eidesvik Offshore, said: As part of the testing, the vessel will use ammonia in transit between harbor and offshore installations for one year. In addition, we envisage that ammonia will be used to power the vessel when alongside quay.

Our ambition is that 60 to 70% of the energy consumption will come from ammonia during the test period. In addition, we want to demonstrate that the technology can supply up to 90% of the total power demand.

The Viking Energy will still be able to use LNG as fuel, and the remaining power requirement will be met by battery.

Ammonia research on the Viking Energy has a total budget of NOK 230 million ($26 million), a substantial part of which is EU funded. According to Equinor, the partners also have a good dialogue with Innovasjon Norge and Enova about potential additional funding of the project.

Since the early 2000s, the company said it has proactively addressed ways of cutting emissions from supply vessels on the Norwegian continental shelf. The Viking Energy was the first LNG-fueled vessel in Equinors fleet in 2003, and the first vessel with hybrid battery power in 2016.

During 2020 all the 19 supply vessels on long-term contracts with Equinor will feature battery power and power from shore.

Earlier this year, Equinor and the Konkraft partners launched a joint ambition to reduce the greenhouse gas emissions from oil and gas operations in Norway by 40% by 2030, and to near zero by 2050.

01/23/2020

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Research project to test zero emission technology on Viking Energy - Offshore Oil and Gas Magazine

]]> Turkey President Erdogan has stated that Somalia has invited Turkey to explore for oil in its seas. Credit: gloriaurban4 from Pixabay.

The President of Turkey, Tayyip Erdogan, has said that the country received an invitation to explore oil in Somalian waters from Somalia.

NTV reported that Turkey signed a maritime delimitation agreement with Libyas Government of National Accord (GNA) last year.

An exclusive economic zone can be established from Turkeys southern coast to Libyas northeast shores. Also, this relationship between Turkey and Libya could result in attracting international oil companies.

During a meet with reporters, Erdogan said Turkey would take necessary steps in line with the offer. He did not give further details.

Seismic studies have revealed that there could be significant oil and gas resources in offshore Somalia.

Erdogan said: There is an offer from Somalia. They are saying: There is oil in our seas. You are carrying out these operations with Libya, but you can also do them here. This is very important for us.

Therefore, there will be steps that we will take in our operations there.

Since the Somalian famine of 2011, Turkey has been a major source of aid for the country. Turkey has helped it to build roads and trained soldiers.

Earlier this month, the Upper House of the Somalian Parliament has approved a new petroleum law which it expects to attract investments from big oil companies.

More here:

Turkey receives invitation from Somalia to explore offshore oil - Offshore Technology

Eni S.p.A. E recently started production from the Agogo oilfield, located offshore Angola. Notably, the production commencement in the 15/06 block occurred only nine months following its discovery. It was supported by operational synergies from the Floating Production Storage Offloading (FPSO) vessel Ngoma, located just 15 kilometres away from the oilfield.

The Agogo-1 well was drilled at a water depth of approximately 1700 meters and currently produces 10,000 barrels of oil per day. The output is expected to double in the next few weeks. The oilfield is anticipated to have 650 million barrels of oil. Encouragingly, new delineation wells will be drilled to uphold the fields further potential. The companys initiatives to start production in just nine months, with the help of existing infrastructures that maximize project value, are commendable.

West and East Hubs are two running projects of the company in the Block 15/06, which has several discoveries and two FPSO platforms under its belt. The production hubs incorporate a total of eight fields and 42 underwater wells. Total oil output from the two platforms surpassed the 180-million barrels mark by 2019-end.

The company, along with joint venture partners, Sonangol and SSI Fifteen, had launched a new exploration program in the block in second-half 2018. The exploration campaign led to five new discoveries that are expected to hold 2 billion barrels of oil. These developments strengthened Enis footprint in the region and boosted organic growth. The company is the operator in the block with a 36.8421% stake. Its equity production from Angola currently stands at around 145,000 barrels of oil equivalent per day.

In a separate announcement, the company reported that it has won a new exploration and production license in the Namibe basin offshore Angola. The local government assigned block 28 to the company. Therein, it holds an operating interest of 60%. The block is located 10 kilometres away from the coast, at a water depth of 1000-2500 meters.

Price Performance

Enis shares have slipped 7.3% in the past year compared with 6.9% fall of the industry it belongs to.

Zacks Rank and Stocks to Consider

Currently, Eni has a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the energy sector include Chevron Corporation CVX, Repsol SA REPYY and Enbridge Inc. ENB, each carrying a Zacks Rank #2 (Buy). You can seethe complete list of todays Zacks #1 Rank (Strong Buy) stocks here.

Chevrons bottom line for 2020 is expected to rise 5.5% year over year.

Repsols bottom line for 2020 is expected to rise 51% year over year.

Enbridges revenues for fourth-quarter 2019 is expected to rise 8% year over year.

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Continued here:

Eni Begins Production From Agogo Oilfield Offshore Angola - Nasdaq

Sailors should expect tricky conditions on Thursday, especially in the afternoon on Day #4 of 2020 Hempel World Cup Series Miami.

Patchy fog early and partly to mostly cloudy throughout the day including a slight chance of showers is forecasted. Warmer temperatures than Wednesday and Tuesday are expected with the high near 76 degrees.

Most of the day will be a ENE-E gradient wind. Wind speeds may increase with the ENE wind to 10-15 knots this morning. Afternoon breeze will average 7-12 knots and perhaps lower.

2020 Hempel World Cup Series Miami is partnering with the Fort Lauderdale to Key West Race this year. Thursday is the start of this new Doublehanded Offshore Event. Doublehanded offshore teams will start south of Port Everglades and the boats will race to Key West, with an expected course length of approximately 160 miles.

Tune in on the SORC Sailing Facebook page for live video from the signal boat. Spectators on shore can view of the start from the Dania Beach Fishing Pier. The finish is off of Mallory Square in Key West.

QUICK LINKS TO COVERAGE:

SOCIAL MEDIAFollow the event on World Sailings social networks and get involved in the conversation using #hwcsmiami

Facebook https://www.facebook.com/worldsailingofficial/Instagram https://www.instagram.com/worldsailingofficial/Twitter @worldsailing

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Day #4 Morning Report: Start of Doublehanded Offshore Event, Weather and Conditions - US SAILING

RPS Group has been appointed to carry out environmental studies for Start of the South, Australias first offshore wind project.

RPS will undertake marine mammal and bird surveys to support the projects offshore planning approvals.

The deal was signed by Star of the South Chief Executive Casper Frost Thorhauge and RPS Executive General ManagerforPlace and Environment Susan Farr.

RPS is excited to be able to drive success for Australias first offshore wind project by combining the expertise we have gained on other offshore wind projects overseas including the Hornsea Projects in the UKthe largest currently under construction globallywith our experience managing Australias most complex environmental studies, plans and approvals, said Farr.

Were pleased to be working on an iconic project like the Star of the South, which has the potential to transform our energy supply, while delivering positive environmental, community and economic outcomes for Gippsland, Victoria and Australia.

Eight subsea passive acoustic monitoring recorders will be deployed at the Star of the South site from mid-February as part of a passive acoustic monitoring program for vocalizing marine mammals.

Also, a bathymetric and geophysical site survey will commence at the site offshore Gippsland on 28 February.

Star of the Southcould comprise up to 250 turbines with a combined capacity of up to 2GW. The project is a joint development by AustraliasOffshore Energy and Copenhagen Infrastructure Partners (CIP).

Link:

RPS to Conduct Star of the South Environmental Studies - Offshore WIND