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 now agreed to establish a joint venture company by June this year. The investment ratio will be 51 per cent by Penta-Ocean and 49 per cent by DEME Offshore.
The new company will own a foreign-flagged offshore installation vessel upgraded to the one equipped with a 1,600t 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.
The Japanese government has set targets for the development of 10 GW of offshore wind power by 2030, and 30-45 GW by 2040.