Marco Polo Marine deepens footprint in Taiwan with acquisition of PKR Offshore.
Marco Polo Marine announced that its joint venture company (JVCo) Oceanic Crown Offshore Marine Services has entered into a share purchase agreement with Kerry TJ Logistics and Posh Investment Holdings (Taiwan) to acquire the entire share capital of PKR Offshore (PKRO).
The JVCo, incorporated by the group’s indirect, wholly-owned subsidiary, Marco Polo Offshore and Taiwanese company Shengfan, aims to expand the group’s offshore and marine business in Taiwan by supporting the country’s offshore wind farm projects. The JVCo is 51% owned by Shengfan and 49% owned by Marco Polo Offshore.
PKRO is part of the POSH Kerry Renewables joint venture, a unique one-stop solutions provider for the offshore renewables sector that offers a comprehensive suite of services across the entire life cycle of offshore wind projects. The acquisition will add another two vessels to the group’s fleet, reinforcing its capacity to service the offshore wind farm market.
Due to the confidential details of the deal, the group did not disclose the value of the acquisition. However, the group will be funding this acquisition with internal resources.
Sean Lee, CEO of Marco Polo Marine says: “With Taiwan becoming one of Asia’s most prolific offshore wind markets, our acquisition of PKRO will further our ambitions to leverage on accelerating growth in the country’s offshore wind energy sector. We look forward to exciting times ahead as we continue to build on this strategy.”
Shares in Marco Polo closed at 2.6 cents on Jan 27.