Mitsui O.S.K Lines, announced that the two companies signed a contract to establish a joint venture focusing on offshore wind power generation.

Based on the February 21, 2022, press release (“MOL and Toyo Construction Sign MoU on Collaboration in Offshore Wind Power Generation Related Work Vessel”), the two companies reached the decision to form a JV after study and discussion of opportunities for collaboration in the offshore wind power generation business.

Through the joint venture, the companies will create stronger synergies in a wide range of areas related to offshore wind power, including survey planning, procurement of work vessels, and offshore construction, with the aim of establishing a powerful yet agile business in this field.

By combining MOL’s decades of experience in ship construction, ownership, and operation with Toyo Construction’s extensive knowledge and human resources in offshore construction, as well as its technological development capabilities in offshore wind power generation, the JV will meet the demand for work vessels in the offshore wind power generation business, and make significant contributions to the value chain as an engineering and solutions company. It will meet demands in a wide range of businesses related to offshore wind power, which is expected to become a critical element of the world’s future renewable energy supply.

(Reference) Outline of the joint venture