MOL, Toyo Construction Form Japanese Offshore Wind Joint Venture

Outlook & Strategy

June 9, 2023, by Adnan Memija

Japanese-based Mitsui O.S.K Lines (MOL) and its compatriot Toyo Construction have established a joint venture focusing on offshore wind power generation.

Through the joint venture, the companies said that they will create stronger synergies in a wide range of areas related to offshore wind, including survey planning, procurement of work vessels, and offshore construction.

“By combining MOL’s decades of experience in ship construction, ownership, and operation with Toyo Construction’s extensive knowledge and human resources in offshore construction, as well as its technological development capabilities in offshore wind power generation, the JV will meet the demand for work vessels in the offshore wind power generation business, and make significant contributions to the value chain as an engineering and solutions company,” according to the press release from MOL.

The two companies reached the decision to form a joint venture after study and discussion of opportunities for collaboration in the offshore wind industry.

Last year, MOL established a business division that is focused entirely on offshore wind.

Since then, the company signed and Memorandum of Understanding (MoU) with Kokusai Cable Ship (KCS) to jointly research commercial opportunities in new subsea cable-laying demand in Japan and throughout Asia.

In addition, MOL has also partnered with Scotland’s Flotation Energy plc. to jointly evaluate floating offshore wind development opportunities in Japan.

When it comes to Toyo Construction, the firm has set offshore wind power as a growth driver of its business, focusing on technology development and capital investment in fixed-bottom as well as floating wind turbines.