Norwegian energy company Statoil (NYSE: STO) and Germany’s Siemens (NYSE: SI) have signed a technology development cooperation agreement. The partnership will initially embrace wind power, subsea technology, electrical engineering technology and energy efficiency measures.
Siemens is an important Statoil supplier within several areas, and the two companies already cooperate in the technology development area.
The new umbrella agreement structures the framework of the partnership within R&D and technology development and facilitating the start-up of new cooperation projects.
"Based on complementary user needs and technological opportunities we
aim at developing technological solutions that contribute to more
environmentally friendly, effective production," the companies said in a
release.
Halfdan Knudsen, senior vice president for process and refining technology in Statoil, said he finds it highly important that the customer and supplier cooperate in the technology development area.
"As users we get to define adequate requirements for functionality and describe the conditions under which the equipment will operate. The supplier often possesses extensive skills within product design, fabrication and commercialising of the specific technology," Knudsen said.
The cooperation agreement contains guidelines for the rights of use of the results.
Working closely with the various suppliers regarding technology development is part of Statoil’s strategy. Statoil has already signed technology cooperation agreements with five other companies.
Statoil said this year it is spending NOK 2.2 billion on research. About half of this is spent externally.
Siemens last year spent about NOK 31.5 billion on research and development. This represents 5% of the company’s revenues.
The costs of the cooperation projects are split 50/50 between the parties.
Statoil announced last month that it is transitioning away from developing onshore wind projects to focus on offshore wind opportunities, including the commercialization of floating wind turbine platforms.
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