Purchase of CCS player expands FPSO contractor’s presence in the emerging low-carbon market
Singapore-headquartered FPSO specialist Yinson Production has successfully completed the acquisition of 100% of the shares in Stella Maris CCS from Altera Infrastructure.
Stella Maris is a Norway-based carbon capture and storage (CCS) company developing a full CCS value chain, including carbon capture, intermediate storage, offshore transportation and permanent sequestration of CO2 captured from industrial sources. Stella Maris holds a 40% stake in the Havstjerne reservoir on the Norwegian Continental Shelf.
Developed in partnership with UK independent Harbour Energy, the Havstjerne CO2 injection and storage project is a cornerstone of Stella Maris’ activities, with its technical feasibility validated by extensive seismic data and reservoir studies, noted Yinson Production.
The European Union’s Innovation Fund has selected the Havstjerne CO2 injection and storage project for a grant of up to €225 million ($235 million), payable against expenditures upon certain investment and commercial operation milestones. This represents the largest European Union grant for a CCS project and underscores the significance of the initiative in advancing Europe’s decarbonisation efforts, added Yinson Production.
The contractor on Wednesday said the acquisition of Stella Maris expands its presence in the emerging low-carbon market and marks a significant milestone in the company’s decarbonisation strategy, reinforcing its commitment to supporting the global energy transition.
“This successful acquisition reinforces Yinson Production’s commitment to driving innovation and sustainability within the energy sector and our role in shaping Europe’s decarbonisation efforts,” commented Lars Gunnar Vogt, the company’s chief technical officer.
“The acquisition of Stella Maris is a logical step in expanding our portfolio of strategic investments within the carbon capture space, and we are excited to integrate these solutions to help industrial emitters in achieving their decarbonisation targets.”
