The Force (for Reduced Cost of Energy) project was set up last year to look at how an integrated turbine design and support structures could reduce costs in offshore projects.
It found that by combining technologies such as blade design and control systems, the offshore wind industry could save EUR 1 billion over the next ten years.
The report said that "cooperation between offshore wind supply-chain players is crucial to realising cost reduction", but added difficulties, such as protecting intellectual property and confidentiality, need to be overcome in order for savings to be made.
RV Ahilan, executive vice president for renewables advisory at DNV GL, said: "The cost savings identified by the Force team could be exploited by industry right now.
"The problem is the misalignment between the design-risk of the changes needed and the cost-reduction reward delivered by those changes.
"The technology is there — we now need to smash down the commercial barriers to make it happen."
DNV GL unveiled the report at the Global Offshore Wind 2014 event in Glasgow (11-12 June), Sotland.