All posts by Margrethe Harboe

OTC 2022: Department of Energy to boost investment in U.S. offshore wind development

Business News, Energy

HOUSTON (WO) — The offshore wind sector has made huge strides over the last year, putting the industry on track to achieve President Joe Biden’s goal of reaching 30 gigawatts of offshore wind generation by 2030. To ensure its success, the U.S. Department of Energy (DOE) is allocating funds and programs to the development of projects in the Gulf of Mexico, Central Atlantic and off the Oregon coast.

Jocelyn Braun-Saracino, the offshore wind lead for the DOE, outlined the department’s strategy to advance offshore wind development during the OTC session “Shaping the Future: Offshore Wind Growth in the United States” on Thursday.

“Achieving this goal will be critical in creating a new industry, revitalizing the nation’s water fronts, creating good-paying jobs and critically helping address the nation’s climate emergency … from an economic perspective, meeting that goal could also spur $12 billion in capital investments and projects annually between now and 2030,” Braun-Saracino said.

Read full article.

How Oslo Learned to Fight Climate Change

Business News, Government, Manufacturing

In September of 2019, roughly a dozen workers in Oslo, Norway, broke ground on the world’s first zero-emission construction site. They were widening a busy street into a pedestrian zone, using powerful machinery to break and lift slabs of asphalt. But the equipment was so quiet that nearby cafés and restaurants kept their front doors open. Passersby stopped to pose for photos, ask questions, and praise the project. Despite long hours in cold temperatures, the crew found the work energizing; the absence of deafening noise and noxious fumes was refreshing.

By using only electric excavators and machinery, the project avoided nearly a hundred thousand kilograms of CO2 emissions. But its larger goal was to help drive the market for electrical heavy-construction equipment. When work began, so few electric excavators existed that engineers had to retrofit a diesel excavator with an electric engine and battery. But since the project’s completion Oslo has committed to making all municipal construction projects zero-emission by 2025. Private companies bidding to win contracts now receive extra points if they use zero-emission equipment, and more of these machines are entering the Norwegian market every year.

Read full article.

Extending contracts for drilling and specialist services worth NOK 20 billion

Business News, Energy

Equinor is extending its contracts with Baker Hughes Norge, Halliburton AS and Schlumberger Norge AS for integrated drilling and well services on Equinor-operated fields on the Norwegian continental shelf (NCS).

At the same time the company is extending its contracts for additional services with the same companies and 13 other suppliers. The contracts will apply for two years from 1 June. The contract extension for drilling services has an estimated total value of approximately NOK 14 billion and will give work to around 2000 people distributed on 18 fixed platforms and 12 mobile rigs.

The total value of specialist services in the same period is calculated at close to NOK 6 billion. The specialist services will employ some 600 people.

Read full article.

Norway keeps rates on hold, remains on track for June hike

Business News, Financial / Investment

OSLO, May 5 (Reuters) – Norway’s central bank kept interest rates on hold on Thursday as widely expected and restated its plan to raise the cost of borrowing in June amid rapidly rising inflation.

Norges Bank’s monetary policy committee unanimously agreed to keep the rate steady at 0.75%, as predicted by a Reuters poll of economists. read more

“Based on the committee’s current assessment of the outlook and balance of risks, the policy rate will most likely be raised in June,” Governor Ida Wolden Bache said in a statement.

Read full article.

Norse Atlantic Airways launches ticket sales between Norway and the United States

Airline / Travel, Business News, ,

Norse Atlantic Airways has opened ticket sales for flights between Norway and the United States with the full launch of www.flynorse.com. This marks a milestone for the company and heralds a new era for consumers seeking good value, choice and friendly service when choosing to travel across the Atlantic.  

Fares will start from an unprecedented NOK 995 and $129 one-way, including all applicable taxes. The first flight departing from Oslo to New York (JFK) will take place on 14th June. The airline will also serve Fort Lauderdale (FLL), Orlando (MCO) and Los Angeles (LAX) from Oslo. 

“This is a major milestone for all of us at Norse Atlantic Airways and a testament to the dedication and determination of colleagues from across the airline who have made this possible. Norse now offers the lowest one-way point to point transatlantic fares in the market. Whether travelling on business, leisure or simply wishing to explore the world, Norse now makes it possible for everyone to explore for less. Our modern, comfortable and more environmentally friendly Boeing 787 Dreamliners are ready to take to the skies and our pilots and cabin crew are looking forward to welcoming customers on board from June,” said Bjorn Tore Larsen, CEO of Norse Atlantic Airways. 

Read full press release.

Privacy Shield 2.0: More Than “Lipstick on a Pig”

Business News, Technology

The US and EU have announced a new privacy accord to guarantee transatlantic data flows. With political will and judicial common sense, it can succeed.

A new Data Privacy Review Court should provide sufficient “democratic controls” over US government access to Europeans’ data. 

Privacy activist Max Schrems successfully convinced the European Court of Justice that the 2016 US-EU “Privacy Shield” agreement was, as he had claimed, “an attempt to put a lot of lipstick on the same old data-sucking pig.” He seems to think the same of the new Transatlantic Data Privacy Framework that US President Biden and European Commission President von der Leyen announced in March, and will surely challenge it. 

Read full article.

Norway Faces Pressure to Curb Power Exports as Prices Surge

Business News, Energy

(Bloomberg) — The Norwegian government is facing increasing calls to curb electricity exports to the continent as power prices jump at home.  The uncertainty over coal and gas supplies from Russia has sent power prices soaring across Europe, which is making the cheap Norwegian hydro electricity even more attractive. Exports outside the Nordic market are up almost 50% from a year ago just as more households and factories than ever are struggling to pay their bills. 

The government has been called on to take measures — both by the public on social media and in the parliament. Among others, former energy minister Sylvi Listhaug of the populist Progress Party this week proposed to limit foreign sales. 

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Graft: US chairman of Norwegian player a ‘suspect’ in ongoing probe, as DoJ begins separate inquiry

Business News, Energy, Shipping & Offshore

Another top executive at Oslo-listed PetroNor E&P has been caught up in a graft investigation being carried out by the Norwegian authorities, while the US Department of Justice has now also started it own probe.

In December 2021, chief executive Knut Sovold and another unnamed individual were detained by Okokrim, Norway’s National Authority for the Investigation & Prosecution of Economic & Environmental Crime, in a probe related “to projects in Africa”.

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AAP Aviation acquires Pilot Flight Academy

Airline / Travel, Business News

AAP Aviation is to become the biggest owner of the Pilot Flight Academy (PFA) in Sandefjord after a group of industrial and financial players have now joined forces to continue one of Europe’s largest and most modern flight schools.

In addition to AAP Aviation, Widerøe is taking a 10 per cent stake in the academy. Viewed overall, this creates a stronger affiliation with the industry and attractive future prospects for students.

“New pilots are much sought-after, and demand will increase further in coming years,” says CEO Espen Høiby at AAP Aviation, who will now be taking over as chair of the PFA.

Read full article.

AmCham Digitalization Forum – Artificial Intelligence, Threats & Opportunities

AmCham News, Technology

AmCham Digitalization Forum: Artificial Intelligence, Threats & Opportunities

Brussels-based Cornelia Kutterer, Head of Responsible Tech & Competition – European Government Affairs at Microsoft, gallantly joined AmCham’s latest hybrid-format Digitalization Forum while on travel from late night Seattle! Kutterer and her team focus on the impact of new technologies and regulatory frameworks that meet expectations of society and healthy competition.

Focusing upon AI threats, opportunities and future-proofed regulation, Kutterer stated that “while we firmly agree that the [European Commission’s] AI Act should articulate what regulated actors should seek to achieve, we believe it will provide a more effective framework for responsible innovation if it is less prescriptive on how they achieve them.” Through multiple sensitive AI use cases, she illustrated how a more principles-based approach – within pragmatic guardrails – would help drive clarity and innovation.

Presenters

Cornelia Kutterer – Head of Responsible Tech & Competition, European Government Affairs

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Katarzyna Michalowska – AI Research Scientist

Sintef

“Curating data, intentional [model] design, fair evaluation and raising awareness of the responsibility of algorithms are key to minimizing bias.”

Katarzyna Michalowska

SINTEF Digital’s Katarzyna Michalowska followed, presenting on discriminatory bias in machine learning (ML). Though ML algorithms are extremely efficient and often accurate, biased algorithms can discriminate against groups based upon gender, race, or sexuality. Michalowska soberly illustrated these issues and broader implications, while addressing how to increase ML algorithm fairness. “Curating data, intentional [model] design, fair evaluation and raising awareness of the responsibility of algorithms are key to minimizing bias.” Brisk participant exchange ensued, with both Kutterer and Michalowska providing additional AI challenges, fairness and opportunity insights.

Source: SINTEF Digital

AmCham Digitalization Forum: Building Networks, Developing Competence, Expanding Knowledge

From sharing best practices to exploring how member companies adapt and innovate, AmCham’s long running Digitalization Forum fosters leaders’ transformation confidence and inspires cross-industry collaboration in an ever-evolving digital business environment.

Please contact amcham@amcham.no for interest in joining and/or presenting during future Digitalization Forums.