Marco Polo Marine sets up another joint venture with Taiwan’s Shengfan

Singapore offshore vessel player and shipyard Marco Polo Marine has formed another joint venture company with Taiwan’s Shengfan.

The company’s subsidiary, Marco Polo Offshore, has incorporated M Renewables in the Cayman Islands, where it will hold a 49% ownership stake.

Back in 2021, the duo set up a jv company, Oceanic Crown Offshore Marine Services, to support Marco Polo Marine’s offshore wind farm projects by chartering vessels to customers within Taiwanese waters.

The Singapore-listed Marco Polo said the principal activity of the new jv would be that of investment holding and that its establishment should not have any material impact on the consolidated net tangible assets or earnings for the current financial year ending September 30, 2024.

Last year, Oceanic Crown Offshore acquired PKR Offshore from a joint venture between Kerry TJ Logistics and Posh Investment, adding two vessels to its Taiwanese offshore wind services fleet.

Marco Polo’s offshore division was established in 2010 and currently operates a fleet of 17 offshore support vessels, including two joint-venture units.