Marco Polo Marine News

SGX-listed Marco Polo Marine has signed a framework agreement with wind turbine maker Vestas, which finalizes the previous Memorandum of Understanding signed in December 2022 between its Taiwan-based subsidiary, PKR Offshore Co., Ltd and Vestas Taiwan Co., Ltd for the maiden deployment of its new Commissioning Service Operations Vessel (CSOV). According to Marco Polo Marine, the new CSOV, which can accommodate up to 110 people, will be deployed across various offshore wind farms in the Asia Pacific region over three years…

Energy ecosystems are evolving as the value of offshore power-to-X production is being realized.Flexible and delivered in long lengths on reels in a fast-track operation, thermoplastic composite pipeline can transfer up to nine times the amount of energy as a cable and can be used to store hydrogen, increasing the uptime of offshore wind farm generated power.That’s according to Netherlands based supplier Strohm, member of the Hydrogen Offshore Production for Europe (HOPE) project and the Dutch floating green hydrogen and ammonia OFFSET project.

Marco Polo Marine, the Singapore-based marine logistics company, has awarded SMST the contract for the delivery of a gangway and a crane for its offshore wind Commissioning Service Operations Vessel (CSOV). The vessel will be used in commissioning works during the construction of offshore wind farms, as well as maintenance operations. SMST’s mission equipment consisting of an Access & Cargo Tower with a motion-compensated gangway, the so-called Telescopic Access Bridge L-Series…

Shipbuilder Marco Polo Marine's Taiwan-based subsidiary, PKR Offshore, has signed a deal with wind turbine maker Vestas Taiwan Co., Ltd, for the maiden deployment of its new Commissioning Service Operations Vessel (CSOV).The new CSOV, which will be able to accommodate up to 110 persons, will be deployed for work on offshore wind farms in Taiwan, Japan, and South Korea, over a 3-year period, based on a minimum utilization commitment per year. The vessel is currently under construction at Marco Polo Shipyard in Batam…

Marco Polo Marine, a Singapore-listed offshore vessel company, is looking to enter the Japanese offshore wind market and has signed a memorandum of understanding with "K" Line Wind Service in that regard.Both parties, according to Marco Polo Marine, want to own and run suitable offshore support vessels that will serve customers in the Japanese offshore wind sector.The agreement marks Marco Polo Marine’s entry into another offshore wind market in Asia, in addition to Taiwan, which it entered by acquiring PKR Offshore, an established Taiwan-based wind vessel operator, in May this year.

Singapore-listed firm Marco Polo Marine said Tuesday it planned to build, own and operate a new Commissioning Service Operation Vessel (CSOV) to meet the rising demand for support vessels required to service the booming offshore wind farm industry in Asia. When completed in the first quarter of 2024, the vessel will also be the first CSOV to be designed in Asia."The group will be funding the construction of the vessel with its existing resources and borrowings from financial institutions.

Singapore-listed offshore services provider Marco Polo Marine has completed the acquisition of the offshore renewables service firm PKR Offshore.Marco Polo bought the Taiwan-based company through its 49% owned joint venture company, Oceanic Crown Offshore Marine Services Ltd, through the completion of its previously announced share purchase agreement with Kerry and POSH.PKR was part of the POSH Kerry Renewables joint venture, a service provider for the offshore renewables sector that offers a suite of services across the entire life cycle of offshore wind projects. "The completion of the acquisition of [PKR Offshore ] is expected to…

Singapore-based offshore shipping, shipbuilding, and ship maintenance company Marco Polo Marine has partnered up with green tech ship design company Seatech Solutions International to co-develop two new specialized offshore wind service, operation, and maintenance vessel and the commissioning Service Operation Vessel (CSOV), for the global offshore wind farm market. When completed, these vessels will be the first SOV and CSOV designed in Asia, Marco Polo Marine said. Worth noting…

PACC Offshore Services Holdings (“POSH”), a Singapore-based offshore marine services provider, said Friday it would be will be shifting its push into renewables away from operational support in the fixed wind market into the development of the fast-growing floating wind market.As such, the company said it had has divested its Taiwan-based POSH Kerry Renewables Joint Venture (“JV”). POSH entered into a share purchase agreement with Oceanic Crown Offshore Marine Services Ltd, the joint venture arm of Marco Polo Marine Ltd, to sell its entire share capital of PKR Offshore Co. Ltd. (“PKRO”)."POSH Kerry Renewables has been servicing the offshore renewables market in Taiwan since 2018.

Marco Polo Marine announced it is venturing into "green" ship recycling at its  P.T. Marcopolo Shipyard in Batam, Indonesia.In addition to being awarded the permit by local authorities to conduct ship recycling activities, the group said it has become the first shipyard in Indonesia to be certified and awarded the ISO 30000:2009 certificate by ABS Quality Evaluations (QE). The ISO 30000 certification is recognized globally and often a prerequisite by shipowners as the shipping…

A big drag on Singapore's growth in recent years, the embattled offshore and marine industry, has broken a three-year losing streak. Yet industry executives aren't betting on a return to the glory days anytime soon.The industry, along with a top-class finance sector, has been a key pillar of Singapore's economic transformation into a first world economy since independence from British colonial rule in 1965 and a source of national pride. But a 2014 collapse in oil prices has resulted in thousands jobs lost…

PT Marcopolo Shipyard (PTMS) has secured the approval for its restructuring plan to to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment. It means, Batam-based unit of Marco Polo Marine has cleared the final hurdle to proceed with debt restructuring for the holding company and its key shipyard subsidiary under the two schemes of arrangement filed with Singapore's High Court. "The Board is pleased to note that pursuant to the above-mentioned application, PTMS has obtained the requisite court declaration made in response to the PKPU Restructuring Proposal that has been submitted, namely, that a valid debt restructuring has been agreed to by PTMS and the relevant creditors…

The Board of Directors of Marco Polo Marine informed that PT Marcopolo Shipyard (PTMS), has filed an application to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment plan in accordance with Law on Bankruptcy and Suspension of Debt Payment. On 18 May 2017 and pursuant to the PKPU application filed by PTMS, it was ordered, amongst others, that a temporary restraint of legal proceedings against PTMS be put in place for 45 days commencing from 18 May 2017. A judge has been appointed the Supervisory Judge, and a team of administrators have been designated, to assist PTMS in managing its assets. The statement said that the Company understands that the PKPU process is a form of court-supervised debt restructuring plan.

Singapore-listed shipping services company Marco Polo Marine requested a trading suspension following an "increasing number" of demand letters from creditors. The marine logistics group has been working on a debt refinancing and restructuring plan. In the 23 April Announcement, the Board had opined that, at that relevant time, no suspension of trading of the Company’s shares was necessary after taking into consideration the various factors listed in the said announcement. Since the 23 April Announcement, the Company had actively engaged various banks and financial institutions (Lenders) to discuss a preliminary proposal that included fresh funding from a few strategic investors who have signed non-binding term sheets as part of the Proposed Refinancing and Debt Restructuring.

Marco Polo Marine Group  Group recorded a revenue of S$11.4 million in Q1FY2017, a decrease of 33% from that of S$17.0 million in Q1FY2016. Relative to Q1FY2016, the Ship Chartering Operations’ revenue of the Group decreased by 31% to S$4.4 million in Q1FY2017. The decrease was mainly due to the lower utilization and charter rate for the Group’s offshore fleet. The Ship Building & Repair Operations of the Group also recorded a decrease in revenue of 34% in Q1FY2017 relative to Q1FY2016. The decrease was due mainly to reduced ship building projects. The Group recorded a gross profit margin of 34% in Q1FY2017 relative to that of 30% in Q1FY2017, chiefly due to reduced project costs.

Singapore's Marco Polo Marine Ltd, whose business includes building and chartering ships, said it has appointed KPMG Services as an adviser to conduct an independent business review of the company. The company, which has S$50 million ($37.19 million) worth of notes maturing on Oct. 18, said it would hold an informal meeting with holders of the notes on Sept. 13 to present KPMG's review and discuss various options in connection with the notes. Marco Polo is one of several companies in Singapore's offshore and marine sector whose financial results have been hit by the slump in oil prices.

Rig-builder Sembcorp Marine (SembMarine) is currently embroiled in a dispute with Marco Polo Marine over a US$214.3 million rig construction contract that Marco Polo wants terminated. In a statement on Monday, Macro Polo reiterated its position that it is not obliged to take delivery of the rig, as Sembcorp Marine unit PPL Shipyard had failed to comply with certain contractual obligations. A unit of Marco Polo Marine has found cracks on all three legs of the rig and is seeking a refund of about $21.4 million it paid initially from PPL. The rig builder filed a case against Marco Polo in the Singapore High Court. Macro Polo alleged that 70 cracks were found on all three legs of the rig during a test, and more than 180 new cracks were found during a partial second test.

Marco Polo Marine has unilaterally terminated a rig building order worth US$214.3 million from a subsidiary of Sembcorp Marine. Sembcorp Marine on early Wednesday morning said its subsidiary, PPL Shipyard, will regard the termination by Marco Polo Drilling (I) of the US$214.3 million newbuild contract as "repudiatory breach of the contract". The response comes after Marco Polo Marine, of which Marco Polo Drilling is an indirect wholly-owned subsidiary, on Tuesday said in a filing to the Singapore Exchange that it will terminate the contract for a jack-up rig under construction at PPL Shipyard. Sembcorp Marine refers to the announcement by Marco Polo Marine Ltd in respect of the termination by Marco Polo Drilling (I) Pte. Ltd.

MacGregor, part of Cargotec, has secured a contract with the Marco Polo Shipyard Pte Ltd with its facilities in Batam, Indonesia, to supply deck equipment for two 76m, 9,000kW anchor handling tug supply (AHTS) vessels with bollard pulls of 150 metric tons, to be constructed for Marco Polo Marine. There are options for two further vessels. Each shipset includes a high pressure windlass/mooring winch, tugger winches, capstans, storage reels and hydraulic power packs, along with a telescopic provision crane.