STORY / PUBLIC SOURCE RECORD
Around the world with Team Norway: South Korea emerges as a global leader in floating wind
- Published 21 October 2024; updated 30 September 2026; estimated reading time 4 minutes. The article attributes floating-wind potential to South Korea’s geography: shallower western waters suit fixed turbines, while deeper eastern and southern waters suit floating installations. It cites an industry report forecasting 7.3 GW of floating wind worldwide by 2030, with South Korea potentially accounting for 2.8 GW; this is a forecast reproduced by the article.
- The article describes nearly 50 years of industrial ties, beginning in the 1970s when Norwegian shipowners and oil companies ordered vessels and offshore platforms from Korean shipyards including Hyundai, Samsung and Daewoo (now Hanwha). It says Korea developed construction expertise and Norway developed operational expertise that can transfer to offshore wind.
- Innovation Norway’s South Korea adviser Gunn Kim says a 2024 Global Growth Programme brought ten Norwegian companies to Korea for a Korea–Norway Offshore Wind Business Forum, local-government visit, site tours and B2B meetings. The page identifies Norwegian opportunities in floating marine operations, fixed-turbine installation, engineering/consultancy, mooring and cable installation, and operations/maintenance.
- The article cites more than 6 GW of floating-wind projects under development in Ulsan, including Equinor’s Bandibuli (“Firefly”). Kim says a project delivered as planned could become the first large-scale floating wind farm globally. This and other development values are stated as plans/potential, not completed installations.
- South Korea is described as targeting net zero by 2050, ranking sixth among OECD energy consumers, using over 60% of energy in industry, and importing over 90% of primary energy, much of it fossil fuel. The article reports renewables at about 9% of the energy mix and targets above 30% by 2036, 14.3 GW offshore wind by 2030 and over 30 GW by 2038. It says the country also wants to export wind-industry capability using existing steel, manufacturing and heavy-industry strengths.
- The current developer-led “open door” permitting model leaves site selection, wind measurement, community/fisheries engagement and permits to individual developers, which Kim says increases their costs and risks. The article says legislation under discussion could create a centralised “one-stop shop” and government-designated development zones with public wind measurement, stakeholder coordination and grid-feasibility work. It presents these as proposals, not enacted changes.
- Contact: Gunn Kim, Senior Market Advisor, Innovation Norway South Korea, Gunn.Kim@innovationnorway.no. Listed Norwegian players include DNV (advisory), Deep Wind Offshore, Equinor and Mainstream Renewable Power (developers), GeoProvider (geosurvey), Axess Group, DOF, Fred. Olsen Windcarrier and Kongsberg Maritime (maritime/transport-installation), plus Autronica, Axess Group and Jotun (technology). Related linked examples include Jotun coatings, Axess cable installation, Kongsberg vessel technology and GeoProvider subsurface-risk services. Related industries: Energy and Offshore wind.