PKR Offshore, a Taiwanese subsidiary of Marco Polo Marine 5LY , has secured the Asia-Pacific crew transfer vessel (CTV) framework agreement with Siemens Gamesa for projects spanning Taiwan and Korea.
The landmark agreement, effective from 2024 to 2026, with an option to extend to 2030, aims to support Siemens Gamesa’s offshore wind projects in Taiwan and Korea and grants Siemens Gamesa access to PKR Offshore’s plan to increase its fleet of CTVs in the coming years.
PKR Offshore has collaborated with Siemens Gamesa since 2018, contributing to the construction of various offshore wind farms in Taiwan.
Marco Polo Marine says the latest collaboration underscores its commitment to expand their footprint beyond their base in Taiwan, including new markets such as Korea and other up-and-coming offshore wind markets in Asia.
The maiden CTV charter in South Korea will begin in 4Q2024, marking the company’s first entry into the new market.
According to Marco Polo Marine, South Korea has some of the largest offshore wind projects worldwide, and is committed to achieving net zero carbon emissions by 2050. With the latest amendment in the country’s policies, its installed capacity targets for renewables will increase.
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Data from InfoLink suggests the county’s offshore wind power will rise from the current 12GW to 18-20GW by 2030.
Kelvin Teo, managing director at PKR Offshore, says: “Following our previous successful partnership with Siemens Gamesa in Taiwan, we are proud that Siemens Gamesa has again selected PKRO for this longer-term CTV framework agreement for both Taiwan and Korea, reaffirming their trust in our ability to deliver good quality vessels and excellent operational performance in the offshore wind market.”
“With the accelerating growth of the offshore wind industry, there is a pressing need for more CTVs to facilitate the installation and servicing of offshore wind turbines,” adds Teo.
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Marco Polo Marine says the new agreement will be mutually beneficial for both companies to collaborate on a longer-term partnership in the Asia-Pacific region with CTVs forming an integral part of the construction of offshore wind farms.
It notes that Siemens Gamesa, which has installed more than 2 gigawatts (GW) in the Asia-Pacific region, has a “bullish outlook” on offshore growth expectations for the region.
CEO Sean Lee says: “We are thrilled to cement our partnership with Siemens Gamesa through this comprehensive framework agreement, underscoring our commitment to excellence in the offshore wind sector and our shared vision for a sustainable future.”
“The collaboration will advance the renewable energy landscape in Asia, particularly in Taiwan and Korea, where the potential for offshore wind energy is immense. Together, we are setting a strong foundation for the region's growth and development of green energy initiatives,” he adds.
“Siemens Gamesa recognizes the critical role of reliable suppliers in driving the growth of the offshore wind market. As we continue to expand our presence in Taiwan, we are dedicated to leveraging the invaluable experience gained in this market to benefit the broader Asia-Pacific region. The framework agreement with Marco Polo Marine enables us to proactively secure vessel capacity, securing the seamless execution of our future construction projects in the regions,” says Wayne Cheng, marine asset manager at Siemens Gamesa Renewable Energy.
The framework agreement with Siemens Gamesa is expected to contribute positively to Marco Polo Marine’s revenue and profits, however, the contribution will not be material to its results and performance for the current FY2024 ending Sept 30.
Shares in Marco Polo Marine closed 0.3 cents higher or 5.09% up at 6.2 cents on March 21.
