Marco Polo Marine (MPM) has secured a three-year charter for its maiden commissioning service operations vessel (CSOV) newbuilding from Danish wind turbine giant Vestas.
The CSOV, which will be able to accommodate up to 110 people, will be deployed across offshore wind farms in the Asia-Pacific region over three years, based on a minimum utilisation commitment per annum.
The contract was signed between MPM’s Taiwan-based subsidiary, PKR Offshore Co, and Vestas Taiwan Co. Financial terms were not disclosed.
The vessel is under construction at Marco Polo Shipyard in Batam, Indonesia and is expected to begin operations in the East China Sea in the second half of 2024.
In September 2022, MPM unveiled plans to build, own and operate a CSOV to meet increasing demand for support vessels from the offshore wind industry in Asia.
The 83-loa vessel will be the first CSOV 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%.
MPM chief executive Sean Lee said the formalisation of the partnership with Vestas marks a “critical milestone” in its efforts to tap into accelerating demand for support vessels from the region’s offshore wind industry.
“In an era where the global focus is shifting towards clean energy solutions, we stand ready to leverage on the robust, long-term demand for our marine vessels,” he added.
Dennis Mordhorst, regional director offshore support at Vestas Asia Pacific, said: “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 finalisation, and we look forward to further strengthening and deepening our relationship in the coming years.”
The Global Wind Energy Council expects new offshore wind installations in Asia to exceed 10 GW in 2026 and nearly 15 GW by 2030. By 2050, Asia is projected to achieve a total of 613 GW of offshore wind.
“Against this backdrop of expected growth in Asia, the industry will continue to grapple with a shortage of suitable specialised wind installation vessels,” MPM said.
“Coupled with the global pivot towards clean energy, Marco Polo Marine foresees expected strong demand for its marine vessels over the long term.”