PKR Offshore secures 15-year government contract in Taiwan

The 15-year deal, concluded by PKRO with Taiwan’s Marine Port Bureau, involves chartering an emergency tug/salvage vessel to enhance the country’s maritime emergency response framework.

Under the terms of the contract, PKRO will provide dedicated emergency towing and salvage services in Taiwan’s territorial waters and areas in which offshore windfarms have been installed.

The vessel will be required to operate under harsh weather conditions, maintaining a high operational readiness to respond to maritime incidents involving disabled, grounded, or drifting vessels.

PKRO said its experience supporting offshore windfarms in Taiwan equips it well to meet the specialised demands of the emergency towage and salvage requirement.

The contract is valued at approximately S$118M (US$92M) with the value expected to be recognised evenly over the 15-year charter period. The company noted that the contract will underpin stable and predictable long-term earnings, which are expected to commence in April 2026.

The contract is PKRO’s first long-term government charter contract in Taiwan, and expands the group’s portfolio beyond its established crew transfer vessel and commissioning service operation vessel operations into the emergency response and salvage segment, broadening the group’s revenue base and enhancing long-term earnings visibility.

Marco Polo Marine chief executive Sean Lee said, “We are honoured to be awarded this landmark contract by the Marine Port Bureau. This award is a strong validation of PKRO’s operational expertise and the group’s ability to deliver specialised marine services to government clients.

“More importantly, it is our first long-term government charter contract in Taiwan, a market in which we see tremendous potential.”