Marco Polo Marine unit wins NT$2.9 billion 15-year government charter contract in Taiwan

[SINGAPORE] Integrated marine logistics company Marco Polo Marine said on Wednesday (Mar 18) that its indirect subsidiary, PKR Offshore, secured a long-term charter contract valued at around NT$2.9 billion (S$116 million) from Taiwan’s Maritime and Port Bureau.

It is the first long-term government charter contract won by the group in Taiwan, said Sean Lee, chief executive officer of the group.

A bourse filing noted that the contract involves the charter of one emergency tug boat or salvage vessel to support Taiwan’s maritime emergency response framework over a period of 15 years.

It is under the offshore wind farm emergency towage and salvage services procurement project, said the group.

As part of the contract, PKR Offshore will provide emergency towing and salvage services within Taiwan’s territorial waters and the surrounding offshore wind farm areas.

“The vessel will be required to operate under harsh weather conditions, maintaining high operational readiness to respond to maritime incidents involving disabled, grounded, or drifting vessels,” noted the group.

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This project also carries broader public interest objectives, beyond commercial operations, it added. These include strengthening Taiwan’s maritime safety capability; supporting the safe and efficient operation of its offshore wind sector; and preventing marine pollution.

Shares of Marco Polo Marine ended Tuesday 4.8 per cent or S$0.007 higher at S$0.153.