Marco Polo's initial venture into CSOV generates financial income

Marco Polo Marine's Wind Archer Generates Revenue in Offshore Wind Industry

Marco Polo Marine's first Commissioning Service Operations Vessel (CSOV), the Wind Archer, has started generating income for the company. The vessel began its service in mid-April 2023 and has made a significant contribution to the company's revenue.

The Wind Archer is a vessel built, owned, and operated by Marco Polo Marine, and it is being used for Vestas's offshore wind projects in the Asia Pacific region. In November 2022, Marco Polo Marine's subsidiary in Taiwan, PKR Offshore, entered into an agreement with Vestas for the deployment of the CSOV on projects in the region.

The maiden contribution of the Wind Archer boosted the revenue in the third quarter, and the vessel is expected to continue working and generating revenue in the final quarter of 2025 and 2026. According to an update on 18 August 2023, the vessel is expected to continue working and generating revenue in the final quarter of 2025 and 2026.

The Wind Archer and the three newly purchased CTVs (Construction Service Operations Vessels) contributed approximately SGD 11 million (approx. EUR 7 million) to the nine-month fiscal year revenue. For the nine-month fiscal year period, the Ship Chartering business revenue stood at SGD 54.2 million (approx. EUR 36 million). Improved charter rates across the fleet contributed to the revenue in the third quarter, with the Group's Ship Chartering business generating SGD 22.2 million (approximately EUR 15 million) in revenue for the third quarter of its fiscal year (ending 30 June).

Marco Polo Marine announced plans to build, own, and operate a CSOV in September 2022 to meet the increasing demand for support vessels from the offshore wind industry in Asia. The new CSOV, Wind Archer, was anticipated to go into service in October 2024. However, it started its service earlier than expected.

Vestas and Marco Polo finalised the agreement for the deployment of the CSOV in 2023. PKR Offshore, Marco Polo Marine's subsidiary in Taiwan, is responsible for the deployment of the CSOV on Vestas's projects. The Wind Archer is a vessel used in the offshore wind industry, and its successful deployment marks a significant step forward for Marco Polo Marine in the offshore wind sector.