GE Vernova, Seatrium awarded 3rd offshore system under TenneT deal

GE Vernova Inc (NYSE:GEV) and Singapore’s Seatrium Ltd (SGX:5E2) have secured their third contract with grid operator TenneT TSO BV for a 2-GW high voltage direct current (HVDC) offshore transmission system in the Netherlands.

The newly awarded contract, announced today, is part of a five-year framework deal between TenneT and the GE Vernova-Seatrium consortium, which was unveiled in March 2023. The framework agreement encomasses three EUR-2-billion (USD 2.2bn) projects - IJmuiden Ver Beta, IJmuiden Ver Gamma and Nederwiek 2. The former two were awarded in March 2023. The latest contract is for the Nederwiek 2 project, which is due to start this month, with commissioning anticipated by 2031. The HVDC system will serve the Nederwiek 2 offshore wind farm.

“We are pleased with the progress we made already in the first two projects with these partners. Now we experience the benefits of using the works from the initial two projects on the next one as we design one and build it many times,” commented Johannes Kammer, associate director of Large Projects Offshore - 2GW at TenneT.

GE Vernova's Grid Solutions business is tasked with the engineering, procurement, construction, installation and commissioning (EPCI) of the HVDC converter stations, while Seatrium will handle the engineering, procurement, construction, transportation, installation and commissioning of the 2-GW HVDC offshore converter platform.

(EUR 1 = USD 1.090)

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