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Penta-Ocean Construction Co., Ltd.
DEME Offshore

Penta-Ocean and DEME Offshore sign Memorandum of Agreement to Establish a Joint Venture Company

Tokyo, Japan – Apr. 14, 2021 – Penta-Ocean Construction Co., Ltd. (hereinafter referred to as “Penta-Ocean”), Japan’s leading marine contractor, and DEME Offshore Holding NV (hereinafter referred to as “DEME Offshore”), Belgium’s leading offshore marine engineering company, have signed a Memorandum of Agreement to establish a joint venture company to collaborate in the field of offshore wind construction in Japan.

In Japan, aiming for the achievement of carbon neutrality by 2050, the Japanese government has set targets for the development of 10 GW of offshore wind power by 2030 and 30-45 GW by 2040. In accordance with Act of Promoting Utilisation of Sea Areas for Renewable Energies*1, the public tender for the selection of developers has begun in the 1st round promotion zones in the general sea area, and the clarification of the government's target is expected to accelerate the construction of offshore wind farms.

In March 2020, Penta-Ocean and DEME Offshore signed a memorandum of understanding to collaborate in the field of offshore wind power construction in Japan, and have been promoting technological exchanges. The two companies have agreed to establish a joint venture company by June this year. The investment ratio will be 51% by Penta-Ocean and 49% by DEME Offshore.

The new company will own a foreign-flagged offshore installation vessel*2 upgraded to the one equipped with an even larger lifting capacity crane, which will be changed to a Japanese-flagged vessel by the spring of 2025. As a result, Penta-Ocean will own three offshore installation vessels, including CP-8001, a vessel equipped with an 800t crane completed in 2019, and CP-16001, a vessel equipped with a 1,600t crane that is currently under construction jointly with Kajima Corporation and Yorigami Maritime Construction Co., Ltd.

The collaboration between DEME Offshore, which has a leading track record and technological know-how in the field of offshore wind power construction in Europe, and Penta-Ocean, which has extensive experience and advanced technologies in marine civil engineering work under Japan's severe metocean conditions, will contribute to the further expansion of offshore wind power generation in Japan.

*1 Act of Promoting Utilisation of Sea Areas in the Development of Power Generation Facilities Using Maritime Renewable Energy Resources
*2“Offshore installation vessel” means SEP (Self-elevating Platform) vessel with a large crane