Offshore Wind CSOV Boosts Singaporean Company’s Revenue

Marco Polo Marine has reported a 27 per cent higher revenue in the first quarter of its 2026 fiscal year, compared to the same period in 2025, driven by the Group’s ship chartering business unit, which saw a 53 per cent revenue increase that came primarily from its offshore wind commissioning service operations vessel (CSOV).

“The Group recorded a robust start to the financial year, with revenue for 1QFY2026 increasing by 27% year-on-year to S$32.8 million from S$25.8 million in 1QFY2025. This performance was primarily driven by the Group’s Ship Chartering Operations, which saw significant expansion following strategic fleet additions that have strengthened the Group’s competitive position in the offshore wind sector”, Marco Polo Marine said in its Q1 2026 report.

The Group’s vessel chartering business generated revenue of SGD 23.2 million (approximately EUR 15.5 million) in the first quarter, 53 per cent more than in the first quarter of 2025 (SGD 15.2 million/EUR 10.2 million). This is primarily attributable to the expansion of Marco Polo Marine’s offshore vessel fleet in the second half of 2025, with the deployment of its first CSOV, Wind Archer, alongside three additional crew transfer vessels (CTVs), which delivered a significant charter income uplift during the quarter, according to the Group.

Marco Polo Marine announced in August 2025 that Wind Archer had begun generating income for the Group after being deployed in mid-April. The vessel was reserved back in December 2022, when Marco Polo Marine’s subsidiary in Taiwan, PKR Offshore, entered into an agreement with Vestas for the deployment of the new CSOV on offshore wind projects in the Asia Pacific region.

The Singapore-based company is building its second vessel of this type, dubbed CSOV Plus, which it plans to deploy on both offshore wind and oil & gas projects. According to Marco Polo, the new vessel will be capable of supporting the complete lifecycle of offshore wind projects, from construction and cable installation to repairs, maintenance, and technician transfer for commissioning and ongoing operations.

Marco Polo Shipyard will build the CSOV Plus at its yard in Batam, Indonesia, with construction scheduled to begin in the second quarter of 2026, and delivery planned for the second quarter of 2028.

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