• To purchase Taiwan-based PKR Offshore, part of POSH Kerry Renewables JV, a unique one-stop solutions provider for the offshore renewables industry
•   Acquisition will boost the Group’s presence in Taiwan and add two OSVs to existing fleet
•   On track to increase number of vessels supporting Taiwan’s offshore wind farm sector to 40% by end-FY2022

  Marco Polo Marine“Company”,  a reputable regional integrated marine logistics company, announced today that its joint venture company, Oceanic Crown Offshore Marine Services , has entered into a share purchase agreement  with Kerry TJ Logistics  and Posh Investment Holdings  to acquire the entire share capital of PKR Offshore .

  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 20351. It also aims to derive 20% of overall energy from green sources by 20502.

  1 https://gwec.net/ecct-and-gwec-taiwans-offshore-wind-ambitions-are-within-reach-and-will-power-a-green-recovery/ 2 https://www.pinsentmasons.com/out-law/analysis/taiwanese-offshore-wind-development-round-2021

According to data from Mordor Intelligence3, 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.