Taiwanese shipbuilder CSBC Corporation has entered into a joint venture agreement with marine engineering firm GeoSea, a unit of Belgium’s DEME, to develop business together in the offshore wind market.
The joint venture CSBC-DEME Wind Engineering will tap into the construction of offshore wind farms and related engineering and technical services. CSBC and GeoSea will each hold 50% interest in the joint venture.
In August, CSBC set up an offshore construction and engineering unit in order to meet demand from the growing offshore wind market in the region.
According to CSBC chairman Cheng Wen-lon, there are offshore wind farm projects with an estimated total value of TW$700bn ($23.3bn) waiting to receive approval from the Ministry of Economic Affairs next year, with marine engineering projects accounting for 15%-30% of the total value.
CSBC plans to set up its own fleet by acquiring a wind turbine installation vessel and building two crane barges to start the business. The company is also in talks with Taiwan’s Century Wind Power Company for collaboration in the construction of offshore structures.