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    Marco Polo Marine to build, own and operate a new CSOV to support Offshore Wind Farm Demand


    September 21, 2022 - InPR

     

      Marco Polo Marine Ltd announced that they will 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 windfarm industry in Asia.

      When completed in 1Q2024, the vessel will be the first CSOV to be designed in Asia. Marco Polo Marine will be funding the construction of the vessel with its existing resources and borrowings from financial institutions. A new CSOV is currently valued at about US$60 million.

      According to Clarksons' offshore wind support vessel report for 2Q2022, 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.

      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.

      Sean Lee, CEO of Marco Polo Marine said, "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. 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. It is a giant leap forward for the offshore maritime industry and we are optimistic about the ability to meet the rising demand for this vessel type with the deployment of its own CSOV in 1Q2024 tentatively. We will be making the relevant announcements once we have secured charter contracts for the vessel."

      About CSOV

      The CSOV, with length of 83m and beam of 21m, is based on the latest design which has been co-developed by Marco Polo Marine and Seatech Solutions International (S) Pte. Ltd. and will be used in commissioning works during construction of offshore wind farms, as well as their maintenance operations.

      Equipped with the latest walk-to-work motion compensated gangway for safe personnel transfer from the vessel to the turbines, it also has a 3D motion-compensated crane to facilitate cargo transfer. The vessel will also 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.

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