Australian offshore vessel operator MMA Offshore has secured work for three of its vessels in Taiwan supporting offshore wind farm developments worth up to AUD 45m ($30m).
The three contracts, with firm periods totalling 370 days, will increase the company’s contracted revenue by about AUD 30m.
The Australian-listed company said the contracts include additional potential revenue of around AUD 15m from 180 days in additional option periods.
Later this month, the multipurpose supply vessel (MPSV) MMA Pinnacle (built 2016) will mobilise from Singapore to Taiwan to support Seaway 7 on a wind-farm development project.
MMA said it will utilise a combination of its vessel and subsea services to deliver a range of work scopes, such as cable installation, remotely operated vehicles and survey operations.
The contract is for a firm period of 180 days, with 90 days in extension options.
The MPSV MMA Prestige (built 2016) will provide walk-to-work accommodation support services for wind turbine maintenance operations in Taiwan.
MMA said the contract is expected to commence in the second quarter of 2023 for a firm period of 130 days, with a further 60 days in extension options.
MMA’s anchor handling tug supply MMA Crystal (built 2008) has also been contracted to undertake cable trenching and survey support services.
“This integrated support contract is expected to commence in April 2023 for a firm period of 60 days with a further 30 days in extension options,” said MMA.
Commenting on the three contracts, MMA managing director David Ross said: “We are extremely pleased to secure contracts for two of our larger vessels for a material portion of 2023 underpinning utilisation of our MPSV fleet.
“These contract awards also mark a significant milestone in our diversification strategy with offshore wind being a key target market for MMA into the future.
“It is also very pleasing to see our Taiwanese-flag vessel, the MMA Crystal, secure an integrated support contract through our local Taiwanese entity MMA Clean Energy.
“This is an endorsement of our strategic entry into Taiwan to support the growing offshore wind market in the region,” he added.
MMA recently reported a net profit for the first half of the year of $81.7m, reversing a year-ago loss of $5.2m, as improved market conditions translated into higher utilisation and margins drove increased returns on its assets.
The utilisation of MMA’s vessel fleet for the first half averaged 81%, up from 66% in the first half of the previous financial year, with its larger vessels utilised at 90% for the MPSV fleet and 88% for the platform supply vessel fleet.
The results were also boosted by the sale of MMA’s shipyard facility in Batam, Indonesia, for $15m, which completed MMA’s non-core asset divestment programme.
MMA also bareboat chartered in the PSV ASL Harmony (built 2016) for a minimum period of one year and up to four years at MMA’s option.
