The document describes an offshore wave energy conversion system called WECO that uses an oscillating body column to harness wave energy and convert it to compressed air. The compressed air is then used to power air motors connected to electricity generators, forming basic production units. These units can be connected on floating platforms to form larger installations to exploit wave energy fields and integrate other renewable resources like solar, temperature differences, and wind via hybrid systems. The system allows for temporary energy storage in compressed air reservoirs and production of high quality electricity.