Odfjell Drilling is committed to minimising the environmental impact from our operations, with a focus on reducing emissions, energy efficiency, and avoiding spills at sea and on land. There is an increasing demand for energy efficient and lower emission services. Emissions reduction is highly important to our stakeholders, so we have outlined our ambition to be a net-zero company by 2050.
Climate change is the major challenge of our time. Odfjell Drilling stands by the Paris Agreement and recognises the need to transition away from fossil fuels to become a net-zero society. The oil and gas industry has an important role to play both in terms of cutting emissions from production of oil and gas, but also to develop renewable energy sources by using its capital and competence as leverage in the strategic opportunities that come with the green shift.
The overarching ambition is to be a net-zero emission company by 2050. Important milestones begin with a 40% emission reduction by 2026 and 70% by 2035.
Together with key suppliers, Odfjell Drilling has developed battery- and hybrid solutions for our MODU fleet designed to move towards a zero-emission drilling operation. The new technology retrofitted to our fleet has shown the decreased emission trends we had planned for. The expertise gained through developing these concepts is now being utilised to develop new energy solutions within offshore wind, hydrogen, ammonia and CCS. This will enable emission reductions for Odfjell Drilling and our clients. To do this, we co-operate with industry partners, suppliers and research clusters.
To achieve these challenging goals, several policies are in place to assess and mitigate direct, indirect and upstream emissions where possible. Energy efficiency and alternative energy sources are prerequisites for reaching our emission reduction targets, but also present an important business opportunity for Odfjell Drilling. The demand for energy efficient operations and services will only increase in the years to come. Emission reductions from energy efficiency initiatives is measured against a baseline for each of our rigs. To reduce indirect emissions, Odfjell Drilling operates a global “green office guideline”, which is a best practice approach to lower energy consumption onshore.
We operate in a high risk business, and preventing accidental spills is a key and continuous focus area. The probability of such an accident is considered to be low, but the consequences would be disastrous. Our zero incident goal also applies to spills at sea and on land. Spills to sea and land are managed through the process of establishing and maintaining environmental aspects and impacts registers. Controls are established to reduce environmental impact from activities that may result in spills to sea and land.
Material waste output from offshore and workshop operations is heavily regulated. Waste segregation and recycling are governed by internal procedures and operators’ requirements based on local legislation. Minimising waste generation and promoting “reduce, reuse and recycle” opportunities is an important business principle. Robust waste management also reduces risk of spills and potential effect on local communities and environment.
