Statoil has canned plans to develop a $120 million project off the coast of Maine, USA, featuring its Hywind floating offshore wind energy technology.
The Norwegian firm said that it had decided to withdraw from the project because of uncertainties over regulatory conditions and the commercial framework for the project.
It said that it would continue to develop a similar project in Scotland as well as other wind energy opportunities in the USA.
Statoil gained initial state regulatory approval for a 20-year contract with the state of Maine to build four floating wind turbines with a combined capacity of 12 MW 12 miles off the coast.
However in July it put the project on hold after Maine's Governor, Paul LePage, paved the way for a rival bid for an offshore wind farm from the University of Maine.
In Scotland Statoil is planning to install five 6 MW floating turbines at a test site 20 km off the coast of Peterhead.
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