Wedoany.com Report-Feb 19, Singapore-based floater owner and operator Yinson Production has acquired 100% of the shares in Stella Maris CCS from UK floater player Altera Infrastructure.
Stella Maris is a Norway-based carbon capture and storage company developing a full CCS value chain, including carbon capture, intermediate storage, offshore transportation, and permanent sequestration of CO2 captured from industrial sources.
The company holds a 40% stake in the Havstjerne reservoir on the Norwegian Continental Shelf. Developed in partnership with Harbour Energy, the Havstjerne CO2 injection and storage project is a cornerstone of Stella Maris’ activities, with its technical feasibility validated by extensive seismic data and reservoir studies.
The European Union’s Innovation Fund has selected the Havstjerne CO2 injection and storage project for a grant of up to €225m, payable against expenditures upon certain investment and commercial operation milestones. This is considered the largest EU grant for a CCS project to date.
“The acquisition of Stella Maris is a logical step in expanding our portfolio of strategic investments within the carbon capture space, and we are excited to integrate these solutions to help industrial emitters achieve their decarbonisation targets,” said Lars Gunnar Vogt, CTO of Yinson Production.
Altera Infrastructure has already sold several of its subsidiary companies outside its core business. Namely, it sold its 18-vessel-strong tanker business for an undisclosed sum in November 2024 to the Angelicoussis Group. The formerly named Altera Shuttle Tankers has been renamed this week to Maran Shuttle Tankers.
Earlier in 2024, the company also offloaded its anchor-handling and towage unit, ALP Maritime, to Dutch-based Boskalis.
As for Yinson Production, the company was able to secure a $1bn investment last month from a consortium of international investment companies to drive further growth.
