Marco Polo Marine, through its Taiwan-based subsidiary, PKR Offshore, has signed a landmark memorandum of understanding (MOU) with Vestas Taiwan.
The MOU was signed for the maiden development of PKR Offshore’s new commissioning service operations vessel (CSOV).
The new CSOV will be deployed across various offshore wind farms in Taiwan, Japan and South Korea, over a three-year period and based on a minimum utilisation commitment per annum.
The new CSOV, which can accommodate up to 110 people, is currently under construction at Marco Polo’s shipyard in Batam, Indonesia. It will commence operations towards the end of the 1QFY2024.
“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 highly-specialised wind vessels that deliver the highest performance, quality and reliability for our customers” says 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," says Dennis Mordhorst, Regional Director at Vestas Taiwan Ltd.
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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.
Shares in Marco Polo Marine closed flat at 4.3 cents on Dec 15.
