The companies will look at potential areas of collaboration with the aim to commercialise specialised offshore vessels for use in offshore wind power construction projects.
Toyo Construction is a marine contractor and engineering firm based in Japan and has set its sights on the offshore wind sector as an area to drive business growth. Toyo and MOL share historical roots; MOL predecessor Yamashita Kisen KK was the largest shareholder of Toyo Construction, and its president Yamashita Kisen oversaw Toyo in its early years as Hanshin Harbor Construction Co., Ltd.
The offshore wind collaboration will combine Toyo Construction’s offshore wind power technological development and marine engineering expertise with MOL’s experience in shipbuilding, shipowning and vessel operation.
The companies will look at business opportunities for various types of offshore construction vessels for wind power projects both in Japan and overseas.
The MoU signing comes at a time of increased activity in the offshore wind sector, driven by the move to decarbonise electricity generation. 2021 was a record year for the commissioning of offshore wind farms globally and many more projects are under development. As in the offshore oil industry, specialised vessels are needed for the construction and maintenance of offshore windfarms.
