Dolfines/Dietswell has signed a Memorandum of Understanding with CIMC Raffles. This collaboration is a positive development, and, as we have argued in the past, was a necessary step for the commercialisation of the floater. CIMC Raffles is a Chinese company with a global presence, which should help to commercialise the floater internationally.
Dolfines and CIMC Raffles sign a Memorandum of Understanding in floating wind activities.
The main takeaway is that Dolfines/Dietswell gains a lot of leverage by collaborating with an international group with manufacturing capabilities.
CIMC Raffles is the offshore engineering subsidiary of the China International Marine Containers group (CIMC), owned by the China Merchant Group and Cosco Shipping. CIMC Raffles is an EPC (Engineering Procurement Construction) company with shipyards and has been working on oil & gas projects such as semi-submersible drilling platforms and jack-up platforms. It is therefore a group specialised in oil & gas and branching out into the, more dynamic, renewables space.
Lastly, the two companies are like-minded operators that share a background in offshore oil & gas, which is positive and should make the collaboration easier. CIMC has an international and diverse reach and has been contracted by oil majors such as BP and Petrobras. We believe the latter (oil companies) are the first potential customers for CIMC/Dolfines, which was confirmed by the marketing director of CIMC Raffles on the press release, with the group looking to “accompany O&G majors towards a carbon neutral future, securing profitable offshore production by giving O&G infrastructure a second life”.
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