SBM Offshore and Ocean-Power have announced the signing of a Memorandum of Understanding with the intent to collaborate on a floating power generation hub with CO2 capture and storage. The purpose of the partnership is to assess the technical feasibility and commercial readiness to collaborate on the concept, exclusive to the Norwegian Continental Shelf and United Kingdom Continental Shelf. Olivier Icyk, Chief Business Officer at SBM Offshore, commented: "The signing of this Partnership Agreement marks another step forward to support global decarbonization efforts in our industry. This opportunity capitalizes on both parties' strengths, and we are pleased to partner up with Ocean-Power, a new player whose development complements our leading expertise in floating energy solutions." Erling Ronglan, CEO at Ocean-Power, added: "We are very pleased to establish a new partnership with SBM Offshore, a leading offshore technology provider.