Monaco’s Scorpio Group has further diversified its business with a move into the offshore wind sector. Its dry bulk arm Scorpio Bulkers has signed a letter of intent with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) to construct a wind turbine installation vessel (WTIV).
The vessel will cost around $265m-$290m and is scheduled for delivery in 2023, and Scorpio also has options for an additional three vessels.
Emanuele Lauro, chairman and CEO of Scorpio Bulkers, commented, “Scorpio Bulkers is embarking on a new and exciting journey. The world urgently needs to reduce emissions and offshore wind will make a pivotal contribution. We appreciate the encouragement and assistance of multiple partners – including suppliers, customers, and shipbuilders – as we take a significant first step in transitioning the Company towards a sustainable future. This strategic direction now aligns with our future customers, investors, finance providers and the growing momentum in global public policy. At the same time, the board of directors carefully considered this project and believes that this transition will result in higher and more predictable shareholder returns in a structural growth market. Our transition has begun.”
Scorpio is no stranger to the offshore sector, having set up Scorpio Offshore in 2015. The company built up a fleet of fast crew boats and anchor handlers, and in 2018 took over Nordic American Offshore’s fleet of ten PSVs.
According to Scorpio, the company expects to sign a contract for the WTIV early in the fourth quarter of this year, and the vessel will be one of the most sophisticated dedicated turbine installation vessels in the world.