Daewoo E&C goes one step further than everyone else and chooses a Chinese installation vessel for a Korean project.
For some time now, Chinese companies have gradually expanded their reach from the Chinese market toward the global market. Chinese foundations have, from time to time, found their way to projects in Europe and Asia, likewise with cables. Moreover, Chinese foundation and cable demand are increasing, especially in Europe. As the Asian market is advancing, a wider spectrum of Chinese suppliers is becoming more relevant. Now we are seeing turbine manufacturers winning contracts in Korea, Japan, and Vietnam, which in the past was uncommon for offshore wind. According to the latest news, Daewoo E&C is taking it further and signing an agreement to use a Chinese vessel on projects the company is involved in South Korea. Furthermore, the agreement indicates that the vessel of choice is the jack-up vessel Gang Hang Ping 5, which is currently under construction. The idea of markets outside China using Chinese-owned purpose-built offshore wind installation vessels is unheard of, and if this were to spread beyond South Korea, it would seriously threaten the few non-Chinese vessel operators.
Image credit: Daewoo E&C
