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Singapore-based POSH plans foray into floating wind sector, sells bottom-fixed O&M joint venture
Offshore marine services provider PACC Offshore Services Holdings (POSH) has confirmed it is adjusting its strategy in renewables away from operational support in the fixed wind market into the development of the fast-growing floating wind market
The company has therefore divested its Taiwan-based joint venture POSH Kerry Renewables and has entered into a share purchase agreement with Oceanic Crown Offshore Marine Services Ltd, the joint venture arm of Marco Polo Marine Ltd, to sell its entire share capital of PKR Offshore Co Ltd (PKRO).
POSH said it is “actively exploring” opportunities in fast-growing floating wind markets in Asia and Europe.
POSH acting chief executive Low Soon Teck said, “Access to group-wide assets and expertise in anchor-handling and mooring put us in a good position to explore more accretive opportunities in the fast-growing floating wind markets. This will accelerate POSH’s push into renewables as we transform into a sustainable solutions provider for the global energy sector.”
POSH said its new strategy is in line with predictions that 16.5 GW of floating wind will be installed by 2030, with South Korea, Japan, Norway, France and the UK likely to be the top five floating wind markets.
Asia’s market share is expected to more than double in that time, with an estimated 45% of global market share by 2030.
As part of the POSH Kerry Renewables joint venture, PKRO was a one-stop solutions provider for the offshore renewables sector that offers a comprehensive suite of services across the lifecycle of offshore wind projects. The acquisition will add two vessels to Marco Polo Marine’s fleet, reinforcing its capacity to service the offshore wind market.
Marco Polo Marine chief executive Sean Lee said, “With Taiwan becoming one of Asia’s most important offshore wind markets, our acquisition of PKRO will further our ambition to leverage accelerating growth in the country’s offshore wind energy sector.”
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