SGX-listed Marco Polo Marine has signed a framework settlement with wind turbine maker Vestas, which finalizes the earlier Memorandum of Understanding signed 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).
According to Marco Polo Marine, the brand new CSOV, which may accommodate as much as 110 folks, will probably be deployed throughout numerous offshore wind farms within the Asia Pacific area over three years, based mostly on a minimal utilization dedication per 12 months.
The vessel is at the moment below building at Marco Polo Shipyard in Batam, Indonesia, and is predicted to begin operations within the East China Sea within the second half of 2024.
In September 2022, Marco Polo Marine unveiled its plans to construct, personal, and function a Commissioning Service Operations Vessel (CSOV) to fulfill the rising demand for assist vessels from the offshore wind farm trade in Asia. The 83-meter-long vessel would be the first CSOV to be designed in Asia and will probably be outfitted with a walk-to-work gangway and a 3D motion-compensated crane. It may also function hybrid-based power storage techniques that may cut back carbon emissions by as much as 20%.
“We are thrilled to announce today the formalization 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,” stated Sean Lee, CEO of Marco Polo Marine.
“We are delighted to have achieved this vital milestone with our companion Marco Polo Marine which can allow us to deploy such technically superior multipurpose vessel to our upcoming operations in Asia Pacific. Given the present scarcity of appropriate vessels for wind farm operations within the area, we’re assured that by getting into into such long-term settlement, we’re enhancing vessel market maturity and pricing stability. This in flip is predicted to result in enhancements in future initiatives and Vestas’ operational readiness,” said Dennis Mordhorst, Regional Director Offshore Support, Vestas Asia Pacific.
Marco Polo Marine has cited the Global Wind Energy Council (GWEC) report which 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).
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 anticipated development in Asia, the trade will proceed to grapple with a scarcity of appropriate specialised wind set up vessels. Coupled with the worldwide pivot in the direction of clear power, Marco Polo Marine foresees anticipated robust demand for its marine vessels over
the long run,” Marco Polo Marine stated.
