Marco Polo Marine expands Korean offshore push with new JV

Singapore-listed offshore vessel owner and shipyard group Marco Polo Marine has established a joint venture in South Korea with local partner NSEL, strengthening its presence in the country’s offshore vessel market.

The new company, Baramgil Offshore, will focus on vessel operations, management and chartering, with NSEL holding a 51% stake and Baramgil Corporation taking the remaining 49%.

Baramgil Corporation is 90% owned by Marco Polo Marine’s Taiwan-based affiliate PKR Offshore, in which the Singapore group holds an indirect 49% interest.

The venture has been established with an initial paid-up capital of about $107,000, with Marco Polo Marine funding its investment through internal resources. The company said the move would have no material impact on its earnings or net tangible assets for the financial year ending September 2027.

The latest move builds on an existing partnership between PKR Offshore and NSEL, established in 2023 to pursue opportunities in South Korea’s offshore wind sector.

The partners made their first move into the Korean market in 2024, deploying a Korean-flagged crew transfer vessel (CTV) for offshore wind work. The MP Corus was among the vessels brought into the market to support wind farm construction activities off the country’s southwest coast.

Marco Polo Marine has also been expanding its offshore wind support fleet across Asia. In July, the company secured a multi-year framework agreement with Siemens Gamesa covering two commissioning service operation vessels (CSOVs), primarily for projects in Taiwan, with potential deployments in South Korea and Japan.

The agreement is scheduled to begin in 2029, with provisions for an earlier start in 2028.

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