- Synergy expected with Singapore's offshore solutions specialist, MEO
- Collaboration to include vessel deployment and skilled personnel exchange
- Vice Chairman Song: "We will expand into offshore wind based on our strong credibility."
Taihan has taken a significant step towards expanding its offshore wind business, following its successful contract win in Singapore valued at KRW 840 billion.
The company announced that it signed a Memorandum of Understanding (MOU) with Miclyn Express Offshore (MEO), a leading Singapore-based offshore solutions provider, during President Yoon Suk Yeol's state visit to Singapore. The MOU, aimed at expanding their cooperation in the offshore wind sector, was formalized during the Korea-Singapore Business Forum held at the Ritz-Carlton Hotel on the 8th of October.
As part of the economic delegation accompanying President Yoon, Taihan participated in the forum's MOU exchange ceremony, where both parties committed to collaborating in offshore wind projects. Attending the ceremony were key government figures such as South Korea’s Minister of Trade, Industry, and Energy, Ahn Duk-geun, and Singapore's Minister for Trade and Industry, Gan Kim Yong. Taihan’s Vice Chairman Song Jong-min and MEO CEO Darren Ang were also present.
MEO, headquartered in Singapore, operates 14 overseas branches and is recognized globally for its offshore solutions expertise. The company manages a fleet of approximately 120 vessels, including offshore wind support vessels and crew transfer vessels, and has established a solid reputation for executing offshore projects across Southeast Asia, the Middle East, and Africa.
Through this MOU, both companies plan to intensify their collaboration in offshore wind projects. Taihan’s CLV (Cable Laying Vessel), the PALOS, along with MEO’s fleet, will be considered for deployment in offshore wind projects in regions such as Southeast Asia and the Middle East. Additionally, both companies will work closely on the exchange of skilled personnel and collaborate on joint project development in the offshore wind sector.
Vice Chairman Song stated, "With the trust and competitiveness we’ve built from successfully executing large-scale power grid projects in Singapore, we are now extending our capabilities into the offshore wind market. Through extensive collaboration with our partner, MEO, we aim to strengthen our global competitiveness as a total solutions provider in the offshore wind market."
Earlier on October 4th, Taihan announced that it had secured two contracts with Singapore Power (SP PowerAssets Limited), worth a total of KRW 840 billion, for the supply and installation of 400kV ultra-high voltage power grids. This massive contract amounts to approximately 30% of Taihan’s total sales in 2023 (KRW 2.84 trillion).
Following the MOU signing, Vice Chairman Song and the Taihan team will attend the International Cablemakers Federation (ICF) Congress, held in Singapore until October 11th. The ICF is a global organization where cable manufacturers gather to exchange information, discuss industry trends, and share insights on market developments.
