GeoSea signs cooperation agreement with CSBC CorporationNews // December 21, 2017
GeoSea has signed a cooperation agreement for the Taiwanese offshore wind market with CSBC Corporation, Taiwan's largest shipyard.
The Taiwanese government have set out an ambitious agenda to reduce the country's dependency on nuclear and fossil fuels and tap into the island's offshore wind resources.
A target of at least 3 GW of offshore wind capacity to be installed in the Taiwan Strait has been set for 2025.
Bolstered by Taiwan's stable legal framework and favourable investment conditions, a diverse group of major international developers have submitted proposals that could bring the total installed offshore wind capacity to 12 GW or higher in the decade to come.
Together, GeoSea and CSBC will form a Taiwanese joint venture company that will undertake the transportation and installation of the foundations and wind turbines required for these windfarms.
The JV will become a contractor in its own right, combining GeoSea's expertise with CSBC's Taiwanese market knowledge, position as main proponent of the Taiwanese government's industrial strategy for offshore renewables and experience as a shipbuilder.
Subject to regulatory approval procedures, the JV will be incorporated in Taipei by the middle of 2018, and will start bidding for the upcoming offshore renewables developments immediately thereafter.