Marco Polo Marine Reports Growth as Offshore Wind CSOV Pipeline Expands

Marco Polo Marine reported higher revenue and gross profit for the first nine months of its 2026 financial year, with its offshore wind business gaining further momentum through a framework agreement with Siemens Gamesa for the deployment and charter of two commissioning service operation vessels (CSOVs).

The Singapore-listed marine logistics company recorded revenue of SGD 109.7 million (around EUR 74 million) in the nine months ended 30 June 2026, up 30 per cent year on year from SGD 84.4 million (around EUR 57 million). Gross profit also increased 30 per cent to SGD 46.4 million (around EUR 31 million), with the margin remaining at 42 per cent.

Revenue in the third quarter rose 13 per cent to SGD 35.7 million (around EUR 24 million), while gross profit increased 7 per cent to SGD 15 million (around EUR 10 million).

The company’s ship chartering division generated SGD 68.3 million (around EUR 46 million) in revenue during the first nine months, an increase of 26 per cent year on year. Growth was supported by the expansion of its offshore vessel fleet, including the deployment of its first CSOV, Wind Archer, and three additional crew transfer vessels (CTVs).

Fleet utilisation averaged approximately 72 per cent in the third quarter, compared with 65 per cent in the previous quarter and 71 per cent in the same quarter of 2025. The vessels are employed across the offshore wind and oil and gas markets.

Marco Polo Marine’s offshore wind division, PKR Offshore (PKRO), signed a framework agreement with Siemens Gamesa in July for the deployment and charter of two CSOVs.

The agreement is scheduled to begin in 2029 for an initial two-year period, with an option to bring the start date forward to 2028. It also includes options for extensions of one to three years.

The vessels are expected to support Siemens Gamesa on multiple offshore wind projects in Taiwan on a non-exclusive basis. The companies also plan to cooperate on deploying PKRO’s CSOV fleet for Siemens Gamesa projects in South Korea and Japan.

Marco Polo Marine said the agreement provides a multi-year demand pipeline for its CSOV fleet.

The company’s second CSOV, CSOV Plus, is under construction at its Batam shipyard and is scheduled for delivery in the second quarter of 2028. A third CSOV remains in the planning phase.

Marco Polo Marine said it continues to see long-term growth opportunities in offshore wind across the region, with the Siemens Gamesa framework agreement extending visibility for its offshore wind activities beyond its existing fleet.

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