Esvagt forms offshore wind joint venture with South Korean company

Danish offshore wind vessel operator Esvagt has formed a new joint venture with South Korean shipping company KMC Line with the objective of serving customers in South Korea's offshore wind market.

The new joint venture, which will operate under the name KESTO, has already begun discussions with partners on several South Korean offshore wind farms to be established from 2027 onwards.

"We are responding to a request from our customers to be able to draw on known skills and competences in new markets," said Esvagt CEO Søren Karas. "The potential of the Korean offshore wind market is very attractive, but as an emerging market, it also comes with unknowns.

"International developers and turbine manufacturers have a heightened focus on using well-known partners and respected suppliers when much else is new. That is to our advantage."

"We have a strong industrial base in South Korea but lack experience and the standard of service quality in the offshore wind industry," added James Jonghoon Kim, President and CEO of KMC Line.

Kim said that the combination of Esvagt's expertise and experience in SOVs with KMC Line's regional maritime knowledge will enable KESTO to, "raise the bar for both safety and service quality in the industry."

The establishment of the KESTO joint venture marks the start of Esvagt's expansion in Asia.