Marco Polo Marine has recently established a new company named Baramgil Offshore, which will focus on managing and leasing vessels in South Korea. In this company, 51% of the shares belong to NSEL and 49% to Baramgil Corporation.
Ownership and Investment Details
Baramgil Corporation is 90% owned by the Taiwanese affiliate of Marco Polo Marine, namely PKR Offshore, in which the Singaporean group holds 49% indirectly. This investment was created with an initial capital of approximately $107,000, and Marco Polo Marine has funded it through internal resources. The company has stated that this action will not have a material impact on its revenues or actual net assets for the fiscal year ending in September 2027.
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Development of Collaborations in the Offshore Wind Energy Sector
This new move is the result of previous collaborations between PKR Offshore and NSEL, which were established in 2023 to pursue opportunities in South Korea's offshore wind energy sector. The partners of this project took their first action in the Korean market in 2024 by deploying a crew transfer vessel under the Korean flag to work in offshore wind energy. The MP Corus was one of the vessels that entered the market to support the construction activities of wind farms along the country's southwestern coast.
Marco Polo Marine is also continuing to expand its offshore wind energy support fleet in Asia. In July, the company signed a multi-year framework agreement with Siemens Gamesa, which includes two Commissioning Service Operation Vessels (CSOVs) primarily intended for Taiwanese projects, with the possibility of deployment in South Korea and Japan. This agreement is set to commence in 2029, with the possibility of an earlier start in 2028.
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