Marco Polo Marine (MPM) is to build a Commissioning Service Operation Vessel (CSOV) to meet the rising demand from Asia’s booming offshore windfarm industry.
The Singapore offshore company said the newbuilding will cost $60m to build which will be funded from existing resources and bank debt. Delivery is anticipated in early 2024.
Singapore-listed MPM, which first unveiled the concept in March 2022, said it would be the first of its kind to be designed in Asia.
The CSOV, with a length of 83 metres and a beam of 21 metres, has been co-developed with local design house Seatech Solutions International.
The vessel is intended to be used in commissioning works during the construction of offshore wind farms, as well as their maintenance operations.
MPM said the vessel will be equipped with “state-of-the-art green technology”, such as hybrid battery-based energy storage systems, that will reduce carbon emissions by up to 15%-20% and designed as future-ready, catering for methanol fuel to enable low carbon emissions.
“In March this year, we unveiled new designs for wind farm service vessels, and have received keen interest from offshore wind turbine makers and offshore windfarm developers,” said MPM chief executive Sean Lee.
“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.”
MPM 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 to meet the growth of the offshore windfarm market, according to Clarksons.
“In particular, CSOVs have seen higher utilisation and day rates across all regions due to higher demand from both renewables and the oil and gas sector as well as a rise in prices for newbuilt vessels,” MPM said.
“Within the offshore windfarm sector, construction of new projects as well as projects near the final commissioning date have been driving demand for CSOVs, resulting in a shortage in availability for the vessels.
“Clarksons has observed an increase in day rates for CSOV notably in the shorter-term contracts but is also starting to see a potential increase in longer-term rates,” MPM added.
