Hanwha Ocean Co. and another major South Korean shipbuilder have won deals worth a combined 1.4 trillion won ($951 million) to build a wind turbine installation vessel (WTIV) each for unidentified domestic firms.
A WTIV is a vessel specifically designed to install offshore wind turbines. It is priced between 700 billion won and 800 billion won.
Hanwha and the unidentified Korean shipbuilder have agreed to build a combined two WTIVs – one for an energy company and the other for a construction firm, people familiar with the matter said on Monday.
The companies are currently fine-tuning details, including construction conditions, according to sources.
Analysts said the deals are seen as a crucial step in safeguarding Korea’s offshore wind turbine construction market, which is at risk of being dominated by Chinese and European companies.
Korea plans to expand…
