Norwegian offshore vessel owner Solstad Offshore has secured $9.8m (Nkr87m) grant from Innovation Norway to support its goal of 50% global fleet emission reduction by 2030.

The company aims to invest over $33.79m (Nkr300m) in battery hybrid conversion projects during the upcoming three years.

During this period, 11 ships are expected to undergo battery hybrid conversions.

The upgraded ships will be able to receive shore power in ports and harbours.

Following this project, the firm will have 21 battery hybrid ships in its fleet.

In a statement, Solstad Offshore said: “The planned upgrades will lead to an annual reduction of 12.000t CO2 emissions and is an important measure to reach the company’s target of 50 % emission reductions by 2030 and ultimately zero emission by latest 2050.”

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By GlobalData

Innovation Norway launched a plan this year to facilitate the removal of older ships from the market as well as finance the upgrade of current ships with sustainable technology.

This scheme is projected to result in increased investments in the Norwegian fleet as well as lower discharges in accordance with Norwegian Government’s action plan.

In October this year, Solstad stated that it will recycle seven vessels at specialised yards in Norway as per national and international regulations.

Solstad Offshore chief sustainability officer Tor Inge Dale said: “This major grant from Innovation Norway allows us to step-up up our green technology investment program. The list of vessels includes some of our largest construction vessels that will after conversion contribute to considerable CO2 emission reductions.”

In March this year, Solstad Offshore unit Partrederiet International Offshore Services sold two of its laid-up offshore ships.