Penta-Ocean, Fuyo Lease to Build Offshore Wind Vessels for Japan

MT Newswires Live

Jan 30, 2025

Penta-Ocean Construction (POC) and Fuyo General Lease Co (TYO:8424) disclosed the joint ownership of two large vessels for offshore wind construction: a heavy lift vessel (HLV) and a cable laying vessel (CLV), according to a Wednesday filing on the Tokyo Stock Exchange.

With offshore wind power development in Japan expanding, these vessels will help install larger wind turbines and lay power cables.

The HLV, equipped with a 5,000-ton crane, will handle heavy monopile foundations, while the CLV will support cable laying for various offshore wind power projects.

The vessels will be constructed by Seatrium (SGX:5E2) and PaxOcean Group in Singapore, with an estimated total cost of 120 billion yen for the HLV and 31 billion yen for the CLV.

Upon completion, they will be jointly owned by POC's subsidiary and Fuyo Lease, each holding a 50% stake.

Price (SGD): S$11510.00, Change: S$+100, Percent Change: +0.88%

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