Shell Backs Out Of Yet Another Floating Offshore Wind Project ...Middle East

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Shell Backs Out Of Yet Another Floating Offshore Wind Project
source : OILPRICE ( Middle East ) () 21
Shell will exit another floating offshore wind project, the company said on Thursday—adding another to the long list of departures from the offshore wind segment. Shell will sell its 80% stake in the 1.25 GW MunmuBaram project in South Korea to its JV partner Hexicon, leaving the latter with a 100% stake in the project, Shell said. The compensation to Shell for the remaining stake in the project will be $5 million in cash, plus another $50 million in the form of a profit-sharing agreement spread over three years, commencing when the project…

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