Sean Lee (Marco Polo Marine): “The acquisition of PKRO will accelerate the growth of Taiwan’s offshore wind sector” (source: Marco Polo Marine)
May 12, 2022by David Foxwell
Marco Polo Marine has confirmed that its 49% owned joint venture, Oceanic Crown Offshore Marine Services Ltd, has completed the acquisition of PKR Offshore Co Ltd (PKRO)
The deal was reached through a share purchase agreement with Kerry TJ Logistics Co Ltd and Posh Investment Holdings (Taiwan) Pte Ltd.
In February 2022, POSH confirmed that it was selling the operations and maintenance joint venture and was planning a foray into the floating wind business. Under the POSH Kerry Renewables joint venture, PKRO was a “one-stop solution provider” for the offshore renewable energy sector.
PKRO offers a full suite of services throughout the lifecycle of offshore wind projects.
The completion of the acquisition is expected to increase the group’s presence in Taiwan and will bring Marco Polo Marine closer to its goal of having 40% of its vessels serving Taiwan’s offshore wind sector by the end of the year. financial year 2022.
Marco Polo Marine Managing Director Sean Lee said: “This decision marks a new phase in our growth strategy as we further diversify and expand into the growing offshore wind farm market.
Speaking as the deal was first announced, Mr Lee said: “With Taiwan becoming one of Asia’s most important offshore wind markets, our acquisition of PKRO will strengthen our ambition to leverage benefit from the accelerating growth of the country’s offshore wind energy sector”.
In a related development, former POSH Kerry managing director Kelvin Teo has become managing director of PKRO. In a statement on social media, Mr Teo said: “Having worked for the same company for 20 years, it’s time for me to move on to start a new chapter in my career.
“I will now join Marco Polo Marine and remain based in Taiwan to oversee the growth of PKRO and Marco Polo’s expansion into the rapidly growing offshore wind sector globally.”