Marco Polo Marine unit clinches NT$4.7 billion project for research vessel in largest contract win

[SINGAPORE] Integrated marine logistics company Marco Polo Marine has secured a NT$4.7 billion (S$198 million) contact from the National Academy of Marine Research, a research institute under the Ocean Affairs Council of Taiwan, to build an advanced research vessel.

Secured by its wholly owned subsidiary Marco Polo Shipyard, the project to build a 4,000 gross tonne oceanographic research vessel represents “the largest contract win in the division’s history”, the mainboard-listed company said on Thursday (Nov 13).

“This contract award reinforces Marco Polo Marine’s strategic expansion into high-value, specialised vessel construction that supports marine science, research and the blue economy, as well as complements the group’s existing growth in offshore wind vessel segments, including crew transfer vessels and commissioning service operation vessels,” the company said.

The project will be fully self-financed through Marco Polo Marine’s internal cashflows and does not require any project-specific debt, it added.

Sean Lee, chief executive officer of Marco Polo Marine, said that the contract represents a “landmark achievement for our shipbuilding division”.

“This project positions us firmly within the marine research and blue economy sectors, adding a valuable dimension to our portfolio alongside our established offshore wind vessel operations,” he added.

The vessel will be built over 1,460 days – or about four years – at the group’s shipyard in Batam, Indonesia, with engineering and commercial support provided from Singapore, Marco Polo Marine said.

It will be designed by Skipteknisk, a renowned Norwegian company that has designed similar research vessels, the company added.

The vessel will feature a Dynamic Positioning 2 system and diesel-electric propulsion with twin azimuth thrusters, along with bow and retractable thrusters, the group said.

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It will be equipped with green and sustainability features, including a battery energy storage system and waste heat recovery system, and will be designed for low-noise operations to minimise acoustic output while the vessel performs sensitive research operations.

To support a wide range of scientific missions, the vessel will also be equipped with advanced wet and dry laboratories, multibeam sonar systems, conductivity, temperature and depth sensors, as well as remotely operated vehicle A-frames, the group said.

Marco Polo Marine ended at S$0.104, up 1 per cent or S$0.001, before the news.