UK-based ORE Catapult wlll work with partners across Europe, led by the Norwegian marine technology institute Marintek.
The aim of the programme is to design two floating structures capable of supporting a 10MW turbine. The concepts will be chosen from a shortlist of four submitted designs.
ORE Catapult will be responsible for designing the risk management portion of the project. It will evaluate risks and develop a risk assessment methodology for floating structures.
The research body said designs are expected to be completed in 2017 and any significant findings will be made public.
ORE innovation and research director Ignacio Marti said: "The global potential market for floating foundation solutions is significant as there is a clear need to develop new technologies that meet the needs of deeper water sites, where bottom-fixed solutions are no longer commercially viable."
The research is part of the European Commissions Horizon 2020 scheme. The research programme has made €80 billion available to support innovation for all European companies and universities.