Vessel operator Esvagt and South Korean shipping company KMC Line have officially launched a joint venture partnership to capitalise on offshore wind.
Through the joint venture, entitled KESTO, the companies will focus on the growing South Korean offshore wind market, where current plans include as much as 18.3GW to be established by 2030.
The agreement for the new partnership was signed at a ceremony in Seoul last week, in front of more than 70 customers, partners and officials.
The new joint venture is well into constructive discussions with partners on several Korean offshore wind farms to be established from 2027 onwards.
Esvagt chief executive Søren Karas said: “It is our ambition to grow, and we are responding to a request from our customers to be able to draw on known skills and competences 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.”
The partnership with KMC Line ensures that the new joint venture has the optimal prerequisites for success, according to Esvagt senior sales executive Jacob Lykke-Kjeldsen.
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.
“This will be important in combining Esvagt’s years of experience within offshore wind in a new market and in ensuring a competent delivery and quality product from the first day.”
President and chief executive of KMC Line James Jonghoon Kim said: “The Korean offshore wind market is one of the fastest growing markets.
“We have a strong industrial base in South Korea but lack experience and the standard of service quality in the offshore wind industry.
“When we combine Esvagt’s expertise and experience in service operation vessels with KMC Line’s regional maritime knowledge, I am convinced that KESTO will raise the bar for both safety and service quality in the industry.”
With the new South Korean set-up, Esvagt is now present on three continents.
Picture: James Jonghoon Kim and Søren Karas sign the new KESTO joint venture partnership in Seoul