Marco Polo Marine to build new vessel supporting offshore wind-farm demands
Claudia Chong
MARINE logistics group Marco Polo Marine on Tuesday (Sep 20) said it will build, own and operate a new Commissioning Service Operation Vessel (CSOV), valued at about US$60 million, to meet rising demand in Asia’s offshore wind-farm industry.
The CSOV, with a length of 83 m and beam of 21 m, will be used in commissioning works during the construction and maintenance of offshore wind farms. Its construction will be funded through existing resources and borrowings.
The vessel is expected to be deployed in Q1 of 2024. Marco Polo chief executive Sean Lee said the company has received keen interest from offshore wind-turbine makers and offshore wind-farm developers since it unveiled new designs for service vessels in March.
“We observed that the industry continues to grapple with a CSOV shortage globally, and charter rates continue to surge, as well as the need to combat climate change,” he said.
Charterers for offshore wind-support vessels have started to secure ships earlier and for longer, due to rising concerns of a shortage of suitable ships, according to a Q2 2022 report by shipping services group Clarksons.
The report noted that CSOVs have higher utilisation and day rates across all regions due to higher demand from both the renewables and the oil-and-gas sectors, as well as a rise in prices for newly-built vessels.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Marco Polo’s new vessel is based on a design co-developed by the group and Seatech Solutions International (S). It will be equipped with a walk-to-work motion compensated gangway, so personnel can be safely transferred from the vessel to the turbines; it will also have a 3D motion-compensated crane for cargo transfer.
The vessel’s green technology will include hybrid battery-based energy storage systems aimed at reducing carbon emissions by 15 to 20 per cent. Up to 110 personnel can be accommodated on board, said Marco Polo.
The group said the global offshore wind-farm market continues to remain robust, with the Asia-Pacific leading global wind power development and accounting for 84 per cent of new offshore installations in 2021.
The annual global offshore market is expected to grow 49 per cent from 21.1 gigawatts in 2021 to 31.4 GW in 2026, said the Global Wind Energy Council’s Global Wind Report 2022.
Shares of Marco Polo ended at S$0.039 on Tuesday, up S$0.001 or 2.63 per cent, before the announcement.
Copyright SPH Media. All rights reserved.
