Marco Polo Marine secures first contract for new dry dock

Singapore-based Marco Polo Marine has successfully launched its fourth dry dock and has already secured its inaugural ship repair contract, valued at approximately SG$5 million ($3.9 million). Separately, the company also announced it has signed a three-year master service agreement with Cyan Renewables for ship repair and maintenance.

The first contract for the new Dry Dock 4 is for a vessel that is scheduled to arrive at the company's shipyard by the end of August. The ship will undergo repairs over an estimated period of two months. 

The company stated that the timely commissioning of the new dock and the immediate contract award highlight the underlying demand strength for its ship repair services. The new dock is projected to have a positive impact on the group’s shipyard revenue for the final quarter of fiscal year 2025 and into 2026.

Under the separate three-year agreement, Marco Polo Shipyard will provide comprehensive ship repair, maintenance, and conversion services for Cyan Renewables’ fleet of offshore wind vessels.