SOV owner Esvagt to develop new offshore wind business in South Korea

Together, the companies have formed a joint venture, KESTO. Esvagt said the company is already “well into constructive discussions with partners on several Korean offshore windfarms due to be established from 2027 onwards.”

Esvagt chief executive Søren Karas said, “It is our ambition to grow. We are responding to a request from our customers to be able to draw on known skills and competence in new markets.

“The potential of the Korean offshore wind market is very attractive, but as an emerging market it also comes with unknowns. International developers and turbine manufacturers have a heightened focus on using well-known partners and respected suppliers when much else is new. That is to our advantage.”

Esvagt senior sales executive Jacob Lykke-Kjeldsen said the partnership with KMC Line ensures the new joint venture “has the prerequisites for success.”

He said KMC Line “brings important market insight and strong relationships with local partners and authorities as well as the largest maritime universities in Korea.”

South Korea-based KMC Line specialises in coastal and global shipping, and in heavy lift and ship brokerage. President and chief executive James Jonghoon Kim said, “The Korean offshore wind market is one of the fastest growing in the world. We have a strong industrial base in South Korea but lack experience in the offshore wind industry. Combining Esvagt’s expertise and experience in SOVs with KMC Line’s regional knowledge will raise the bar.”

Having focused mainly on the SOV market in northwest Europe, Esvagt is already active in the US.