Both partners are expected to collaborate towards signing a formal contractual agreement and charter party agreements.

The MoU will be in force for a year, leaving open the options of extension.

In light of the above, KHMO added

It is subject to the execution of the definitive agreements, among other things.

KHMO will provide vessels, tugboats and barges to HHC by way of a charter, sale or joint ownership and operation to be used for the transportation, delivery and installation of offshore wind foundations.

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The Singapore-based company said it will explore having joint ownership and operation of the vessels to be used for a specified and other upcoming offshore wind projects in Taiwan.

HHC placed an order with Damen in February 2019, ordering two fast crew supply vessels of the latest FCS 2710 class which will serve the Taiwanese offshore wind market. In April, Damen cut the first steel for the vessels at its shipyard in Singapore. They will be used to support the Taiwan Power Company.