Marco Polo Marine Deepens Push Into Taiwan Offshore Wind Farms with PKRO Acquisition

Marco Polo Marine Ltd. (“Marco Polo Marine” or “MPM”, and together with its subsidiaries, “the Group”), announced today that MPM joint venture company, Oceanic Crown Offshore Marine Services Ltd. (“JVC”), has entered into a share purchase agreement (“SPA”) with Kerry TJ Logistics Co. Ltd (“Kerry”) and Posh Investment Holdings (Taiwan) Pte. Ltd. (“Posh”) to acquire the entire share capital of PKR Offshore Co. Ltd. (“PKRO”).

PKRO is part of the POSH Kerry Renewables joint venture, a unique one-stop solutions provider for the offshore renewables sector that offers a comprehensive suite of services across the entire life cycle of offshore wind projects. The acquisition will add another two vessels to the Group’s fleet, reinforcing its capacity to service the offshore wind farm market.

According to GWEC Market Intelligence, Taiwan is positioned to become one the largest offshore wind market in Asia, excluding Mainland China and Japan. The country’s offshore wind power generation capacity is expected to reach 15GW over 10 years between 2026 and 2035. It also aims to drive 20% of overall energy from green sources by 2050.

According to data from Mordor Intelligence , Taiwan’s wind energy market is forecast to expand at a compound annual growth rate (CAGR) of more than 10% between 2020 and 2025, driven by encouraging government policies, the declining cost of renewable technologies, as well as pressure to reduce dependency on fossil fuels for power generation.

Mr Sean Lee, Chief Executive Officer of Marco Polo Marine, commented: “With Taiwan becoming one of Asia’s most prolific offshore wind markets, our acquisition of PKRO will further our ambitions to leverage on accelerating growth in the country’s offshore wind energy sector. We look forward to exciting times ahead as we continue to build on this strategy.”

The JVC, incorporated by the Group’s indirect, wholly-owned subsidiary, Marco Polo Offshore Sdn Bhd (“MPOSB”), and Taiwanese company Shengfan Co. Ltd. (“Shengfan”), aims to expand the Group’s offshore and marine business in Taiwan by supporting the country’s offshore wind farm projects. The JVC is 51% owned by Shengfan and 49% owned by MPOSB.