Marco Polo Marine, a Singapore-listed offshore vessel company, has entered the South Korean market with a "landmark" Memorandum of Understanding signed with South Korean companies Namsung Shipping Co., Ltd. and HA Energy Co., Ltd. (“HA-E”).
Under the MoU, the companies have committed "to jointly pursue synergistic offshore wind vessel operations in South Korea."
South Korea’s legacy private shipping line, Namsung, services over 60 main ports in Asia, and is also a strategic investor in the 1.5 GW fixed-bottom Chujin offshore wind project, which will feature around 100 wind turbines in the far south of South Korea.
HA-E is a multi-discipline company in Korea, offering engineering, construction, and commissioning services for various offshore platforms and marine vessels.
Sean Lee, CEO of Marco Polo Marine said:"We have long anticipated Korea to be a key revenue-driving market for Marco Polo Marine, and therefore, we are extremely excited to join forces with some of the region’s most experienced maritime companies, Namsung and HA-E. The collaboration puts us in a great position to bring together our expertise in offshore wind vessels and tap into our local partners’ deep knowledge of the Korean market, so that we can support our wind clients’ expansion goals and propel the global push towards clean energy,
"With some of the largest offshore wind projects worldwide, South Korea is committed to achieving net zero carbon emissions by 2050. Under the latest amendment in policies, installed capacity targets for renewables will increase, with that of offshore wind power rising from the current 12 GW to 18-20 GW by 2030, according to InfoLink," Marco Polo said.
Marco Polo Marine said in September 2022 it planned to build, own and operate a new Commissioning Service Operation Vessel (CSOV) to meet the rising demand for support vessels required to service the booming offshore wind farm industry in Asia.
When completed in the first quarter of 2024, the vessel will also be the first CSOV to be designed in Asia, the company said at the time.
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