Marco Polo Signs 3Y Agreement with Vestas for New Commissioning Service Operations Vessel

Source: www.gulfoilandgas.com 11/20/2023, Location: Asia

? Signs Vestas Framework Agreement which formalises earlier MOU between Taiwan-based subsidiary PKR Offshore and Vestas Taiwan
? The Framework Agreement involves the maiden deployment of its new CSOV across offshore wind farms in the Asia Pacific region over three years
? The vessel is expected to commence operations in East China Sea in the second half of 2024

Marco Polo Marine Ltd. (“Marco Polo Marine” or the “Company”, and together with its subsidiaries, “the Group”), a reputable regional integrated marine logistics company, is pleased to announce that it has signed the Vestas Framework Agreement, which finalises the previous landmark Memorandum of Understanding (“MOU”) inked in December 2022 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 the Asia Pacific region over three years, based on a minimum utilisation commitment per annum. The vessel is currently under construction at Marco Polo Shipyard in Batam, Indonesia, and is expected to commence operations in the East China Sea in the second half of 2024.

In September 2022, Marco Polo Marine unveiled its plans to build, own and operate a Commissioning Service Operations Vessel (CSOV) to meet increasing 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 hybrid-based energy storage systems that will reduce carbon emissions by up to 20%.

“We are thrilled to announce today the formalisation of our partnership with Vestas, which marks a critical milestone in our efforts to tap into accelerating demand for support vessels from the region’s offshore wind farm industry,” said Sean Lee, CEO of Marco Polo Marine. “This achievement underscores Marco Polo Marine’s unwavering commitment to delivering cutting-edge, specialised wind construction vessels that offer its customers unparalleled performance, quality, and reliability. In an era where the global focus is shifting towards clean energy solutions, we stand ready to leverage on the robust, longterm demand for our marine vessels.”

“We are delighted to have achieved this significant milestone with our partner Marco Polo Marine which will enable us to deploy such technically advanced multipurpose vessel to our upcoming operations in Asia Pacific. Given the current shortage of suitable vessels for wind farm operations in the region, we are confident that by entering into such long-term agreement, we are enhancing vessel market maturity and pricing stability. This in turn is expected to lead to improvements in future projects and Vestas' operational readiness. Both parties' teams have done tremendous work over the past months to bring this agreement to finalization, and we look forward to further strengthening and deepening our relationship in the coming years,” said Dennis Mordhorst, Regional Director Offshore Support, Vestas Asia Pacific

The Global Wind Energy Council (GWEC) has forecast 680 GW of new wind power capacity to be installed over the next five years (2023-27). This represents 136 GW per year to 2027. Total installed capacity grew to 907 GW globally in 2022, up 78 GW from 2021. This year, new wind capacity could surpass a milestone of 1 terawatt (TW)1 . In Asia, the GWEC expects new offshore wind installations to exceed 10 GW in 2026 and nearly 15 GW by 2030. By 2050, the region is projected to achieve a total of 613 GW offshore wind installations.

Against this backdrop of expected growth in Asia, the industry will continue to grapple with a shortage of suitable specialised wind installation vessels. Coupled with the global pivot towards clean energy, Marco Polo Marine foresees expected strong demand for its marine vessels over the long term.


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