Singapore shipbuilder Penguin Shipyard International has won contracts to build seven crew transfer vessels (CTVs) for Irish renewables player Farra Marine.
The seven new CTVs are expected to be delivered in 2023 and early 2024. Financial terms were not disclosed.
When complete, the Incat Crowther-designed WindFlex-27 series will boost Farra Marine’s fleet to 14 CTVs servicing the UK and European offshore wind industry.
“When we were selecting a supplier to help expand our fleet, it was important to partner with companies that had the capability and expertise to deliver, as well as one who was willing to genuinely listen to our unique needs and requirements,” said Farra Marine chief executive Martin Rice.
“Incat Crowther and Penguin jointly met our every requirement.
“The result of this collaboration is seven new vessels that are truly tailored to our operations in European waters,” Rice added.
Ed Dudson, Incat Crowther managing director for Europe, said the collaborative design process was a sign of the strong partnership among the trio of companies.
“This project has been built on Incat Crowther’s proven co-design capabilities where our clients’ needs and requirements are at the centre of our process,” he said.
“With the offshore wind power industry growing in the UK and Europe, the addition of these bespoke and state-of-the-art CTVs to Farra Marine’s fleet means they are perfectly placed to continue to meet the increasing demand for their services.”
The latest newbuildings will be powered by the International Maritime Organization’s Tier III Volvo Penta D16 main engines, which was described as a “significant step forward in emissions reduction”.
Penguin recently posted a 70% decline in its net profit for the second half of 2022, which came in at $3.7m versus a net profit of $12.4m in the same period a year earlier.
“Penguin’s core shipbuilding and crewboat chartering activities are gradually picking up, but remain under pressure from rising costs, supply chain disruptions and patchy demand across various market segments,” the company said.
“Nevertheless, the company remains a strong global market leader in the design, construction and operation of aluminium high-speed vessels.”
For the first time ever, 2022 saw Europe become Penguin’s largest market with group shipbuilding, repair and maintenance revenue accounting for 41.5% of revenue.
“Penguin’s pivot to Europe corresponds to its growing role as the builder of choice among premium European CTV owners,” the shipbuilder said.
“However, the group’s CTV profit margins are currently lower than its crewboat/security boat margins because Penguin is a relatively new entrant to the CTV market and lacks the first-mover advantages which it enjoys in its traditional oil and gas segment.”
