Marco Polo Marine’s Taiwan-based subsidiary, PKR Offshore, has entered into an MOU with Vestas Taiwan for the maiden deployment of its new Commissioning Service Operations Vessel (CSOV). The CSOV will provide charter services to support the growing offshore wind farm industry in Taiwan, Japan and South Korea, based on a minimum utilisation commitment per annum, over a 3-year period. Delivery of the vessel is expected to be within 1Q 2024, following which it will begin operations in the East China Sea.
Marco Polo Marine Ltd. (SGX:5LY) (Marco Polo Marine), a reputable regional integrated marine logistics company, is pleased to announce the signing of a landmark Memorandum of Understanding (“MOU”) between its Taiwan-based subsidiary, PKR Offshore Co., Ltd, and Vestas Taiwan Co., Ltd, for the maiden deployment of its new Commissioning Service Operations Vessel (CSOV).
The new CSOV, which can accommodate up to 110 persons, will be deployed across various offshore wind farms in Taiwan, Japan and South Korea, over a 3-year period, based on a minimum utilisation commitment per annum. The vessel is currently under construction at Marco Polo Shipyard at Batam, Indonesia, and will commence operations towards the end of Q1 2024.
In September last year, Marco Polo Marine unveiled its plans to build, own and operate a Commissioning Service Operations Vessel (CSOV) to meet the rising demand for support vessels from the offshore wind farm industry in Asia. The 83-metre long vessel will be the first CSOV to be designed in Asia and will be equipped with a walk-to-work gangway and a 3D motion-compensated crane. It will also feature a hybrid-based energy storage systems that will reduce carbon emissions by up to 20%.
“Over the past few years, we have worked closely with major offshore wind providers to design a contemporary CSOV that services their most crucial needs. Today, we are very pleased to have secured the maiden deployment for our new CSOV with Vestas, a major offshore turbine manufacturer. This milestone is a testament to our ability to build, own and operate highlyspecialised wind vessels that deliver the highest performance, quality and reliability for our customers” said Sean Lee, CEO of Marco Polo Marine.
"With continued growth expected in Taiwan's offshore wind market, we are delighted to establish this relationship with Marco Polo Marine and collaborate on this vessel newbuild development. We see Marco Polo Marine being well positioned in the Asia-Pacific region and look forward to strengthening our mutually beneficial working relationship in the coming years" said Dennis Mordhorst, Regional Director at Vestas Taiwan Ltd.
According to the Global Wind Energy Council (GWEC), new offshore wind installations in Asia are likely to exceed 10 GW in 2026 and nearly 15 GW by 2030. By 2050, Asia is projected to achieve a grand total of 613 GW offshore. Against this backdrop of tremendous growth, the industry will continue to grapple with a shortage of suitable specialised wind vessels. Coupled with the global pivot towards cleaner energy, Marco Polo Marine foresees tremendous room for growth for its marine vessels over the long-run.