MOL, Toyo Construction to put up offshore wind joint venture

Japanese shipowner Mitsui OSK Lines (MOL) and compatriot company Toyo Construction have entered into an agreement to establish a 50-50 joint venture focusing on offshore wind power generation.

The two companies reached the decision to form a JV following study and discussion of opportunities for collaboration in the offshore wind power generation business.

Through the joint venture, the companies will cooperate in a wide range of areas related to offshore wind power. These areas include survey planning, procurement of work vessels, and offshore construction.

The JV is scheduled to commence operations before the end of June 2023.