The retreat by one of Britain’s biggest oil and gas companies underscores the challenge facing the UK government in developing floating offshore wind into a major industry, just as costs for the technology have increased.

The goal of the partnership is to identify and assess potential opportunities to decarbonize Serica’s offshore assets and other associated electrification opportunities using renewable power and subsea energy storage.

The recent Central Atlantic wind lease sale has generated nearly $93 million for two lease blocks. This sale, covering areas off Maryland, Delaware, and Virginia, demonstrates significant growth in the U.S. offshore wind sector.