Yinson Production, a Singaporean entity specializing in the ownership and operation of floating platforms, has finalized the complete acquisition of Stella Maris CCS, purchasing all shares from Altera Infrastructure, a UK-based player in the floating vessel sector.
Stella Maris, headquartered in Norway, is a company dedicated to the creation of a comprehensive carbon capture and storage (CCS) supply chain.
This includes the capture of carbon, temporary storage, maritime transportation, and the permanent underground storage of CO2 originating from industrial sources.
A key asset of Stella Maris is their 40% share in the Havstjerne reservoir, situated on the Norwegian Continental Shelf.
This Havstjerne CO2 injection and storage project, developed in collaboration with Harbour Energy, forms the central focus of Stella Maris’ operations. Its technical viability has been confirmed through extensive seismic data analysis and reservoir assessments.
Notably, the European Union’s Innovation Fund has chosen the Havstjerne CO2 injection and storage project to receive a grant of up to €225 million (~$235 million).
These funds will be disbursed based on expenditures upon reaching specified investment and operational milestones. This grant is recognized as the largest EU allocation to a CCS project thus far.
Lars Gunnar Vogt, CTO of Yinson Production, commented: “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.”
Altera Infrastructure has been divesting non-core business units. For instance, in November 2024, they sold their tanker division, comprising 18 vessels, to the Angelicoussis Group for an undisclosed amount.
This entity, previously known as Altera Shuttle Tankers, has recently been rebranded as Maran Shuttle Tankers.
Earlier in 2024, the company also completed the sale of its anchor-handling and towage subsidiary, ALP Maritime, to Boskalis, a Dutch-based company.
Meanwhile, Yinson Production recently secured a substantial $1 billion investment from a group of international investment firms, intended to fuel its continued expansion.
source: carbon herald