The South Korean market is advancing rapidly, with projects being developed and erected offshore. In terms of vessel availability, South Korea has not faced significant concerns, as it has domestic vessels capable of handling the job, along with Chinese vessels under reservation agreements for upcoming projects.

As this progress continues, it is no surprise that South Korean companies are ordering new-build installation vessels for the domestic market. South Korea possesses advanced shipbuilding capabilities and has already constructed several installation vessels for the offshore wind industry.

Hanwha Ocean, a South Korean shipyard, has been awarded the contract to build the two new installation vessels, with each vessel estimated to cost around $500 million USD. Acquiring more capable vessels for the South Korean market is excellent news, as it ensures vessel availability domestically and reduces reliance on the Chinese vessel market.

Image Source: Hanwha Ocean