Loke Marine Minerals – New Cluster Member

We are pleased to welcome Loke Marine Minerals, as the first single-purpose marine mineral company, of our cluster.

Loke Marine Minerals was established towards the end of 2019 with the aim to be a frontrunner in marine mineral exploration and production on the Norwegian continental shelf.

Providing Minerals for the Green Transition

The transition to renewable energy and electric transportation requires access to new mineral resources. Marine minerals will be important for securing the supply and provide supply independence.

In a webinar we held 11 June; Walter Sognnes CEO Loke Marine Minerals, presented the company's thoughts about the opportunities for this emerging industry.

– We believe seabed mining will be competitive in cost and come with a smaller environmental impact. Norway has introduced groundbreaking technologies and environmentally sustainable systems within subsea production of oil and gas and been a leader within this field for decades. A crossover of technology from subsea production systems is very attractive. Norway has also a proud history and competitive edge within floating production systems, with fifty years of experience from building and operating floating oil and gas installations, says Walter.

Can be Larger than Offshore Wind

On the question about the potential within seabed mining, Walter responds that he believes this industry has the potential to be larger than offshore wind. Initial estimated studies conducted by NTNU suggest that there are marine minerals with a value of 1000 billion NOK in Norwegian waters.

These estates are however very uncertain, and exploration activity is ongoing to better determine the potential.

– Norwegian companies have paved the way internationally within offshore exploration and appraisal technology, such as seismic surveys, EM, advanced drilling and autonomous underwater vehicles (AUV). These proven and familiar technology are part of our approach towards mapping and quantifying the resources. Norway has a unique opportunity to become a leader within Marine Minerals, building on experience and competences from the oil & gas sector, focusing on a prudent environmental approach, Walter finishes.

Strong Team

Loke Marine Minerals is established by oil veteran Walter Sognnes, Hans Olav Hide and Tore Halvorsen. Walter has been key in establishing and heading several companies including Revus Energy and Spike Exploration.

Tore has pioneered subsea solutions since 1980 and been global leader in FMC Technologies. Hans Olav is a serial entrepreneur within the oil and gas sector and has also been working for Esso.

– Marine minerals have been a key part of our strategy since 2015 and we see several companies providing products and services to this growing industry. This is however the first member with a clear ambition with respect to both exploration and production, says Jon O. Hellevang, Senior Ocean Technology Innovator in GCE Ocean Technology.

– We are very happy to have Loke Marine Minerals joining as a new member of the cluster, Hellevang concludes.