Penta-Ocean Construction Co., Ltd. and Fuyo General Lease Co., Ltd. have announced a joint venture to own and operate two state-of-the-art large work vessels for offshore wind construction: a heavy lift vessel (HLV) and a cable laying vessel (CLV), according to Penta-Ocean's release.
The HLV, equipped with a fully revolving 5,000-ton lifting crane, is designed to handle the installation of heavier monopile foundations required for next-generation 15-20MW wind turbines.
The CLV is set to become the world’s largest and most advanced cable laying vessel, capable of supporting both bottom-fixed and floating offshore wind projects, as well as submarine direct current power transmission.
The total estimated construction cost for the two vessels is approximately JPY 123.1 billion, with the HLV accounting for JPY 120 billion and the CLV for JPY 3.1 billion. POC has already signed shipbuilding contracts with Singapore-based Seatrium Limited for the HLV and PaxOcean Group for the CLV.
Both vessels will be jointly owned by a newly established POC subsidiary (50%) and Fuyo Lease (50%).
The companies have also entered into a basic agreement to ensure smooth vessel management and charter operations post-completion. The HLV and CLV are expected to play a pivotal role in reducing construction costs and improving efficiency, which are critical for the widespread adoption of offshore wind energy.
POC has been actively expanding its fleet of offshore installation vessels, while Fuyo Lease has identified renewable energy as a key growth area under its medium-term management plan, Fuyo Shared Value 2026. Together, they aim to support the construction of offshore wind facilities, green hydrogen production, and other initiatives aligned with Japan’s carbon neutrality targets.