Institutional investors advised by JP Morgan Asset Management have signed up for two offshore wind commissioning service operation vessel (CSOV) newbuilds at Ulstein Verft in Norway.
The shipbuilding contracts are related to last year’s order by Bernhard Schulte Offshore, a Hamburg-based unit of Schulte Group, for two firm and up to four optional ships of Ulstein SX222 design. JP Morgan has picked up all four options and declared the first two.
The 89.6-m-long units will have hybrid battery propulsion and be methanol-ready when delivered. Financial terms and delivery dates have not been revealed. Bernhard Schulte Offshore’s newbuilds are set to deliver in 2025.
The JP Morgan Global Transportation Group has been investing in the transportation industry since 2010 and actively manages over $8bn in assets in the maritime, energy logistics, intermodal, rail and aircraft segments.
“We are excited to add to our existing presence in the offshore wind maintenance sector,” said Andy Dacy, the managing director of the global transportation group at JP Morgan, adding: “These latest technology CSOVs will play a critical role in the development and delivery of renewable energy and global energy decarbonisation.”
In addition to JP Morgan and Bernhard Schulte Offshore newbuilding projects, the Norwegian shipbuilder and designer has two offshore wind CSOVs for fellow offshore player Olympic and a cable layer for Nexans on its books.
“The offshore wind industry is an important enabler to achieve the climate goals, and we believe that our fuel-efficient ships will be vital assets in this mission,” added Gunvor Ulstein, chief executive of Ulstein Group.
