Lockheed Martin Corp., Bethesda, Md., and Ocean Power Technologies, Pennington, N.J., will work together to develop large, utility-scale ocean-wave-power generation projects in North America. Under the terms of the agreement, Lockheed Martin will manufacture, deploy, operate and maintain the wave systems that have been designed by Ocean Power. Ocean Power’s trademarked PowerBuoy is deployed in 100 ft of water within three miles of shore. The rise and fall of the waves moves a pistonlike structure in the buoy. Lockheed and OPT plan to deploy buoys off the coast of either Oregon or California.
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.