Singapore's Marco Polo Marine Signs Framework Agreement with Siemens Gamesa for Two CSOVs in July

en.Wedoany.com Reported - Singapore-listed Marco Polo Marine announced its latest financial results: for the nine months ended June 30, 2026, the company recorded revenue of S$109.7 million (approximately €74 million), a 30% increase from S$84.4 million (approximately €57 million) in the same period last year; gross profit increased 30% year-on-year to S$46.4 million (approximately €31 million), with gross margin stable at 42%. Third-quarter revenue was S$35.7 million (approximately €24 million), up 13% year-on-year; quarterly gross profit was S$15 million (approximately €10 million), up 7% year-on-year.

Revenue growth was primarily driven by the vessel chartering segment. The segment generated revenue of S$68.3 million (approximately €46 million) in the first nine months, up 26% year-on-year, fueled by the expansion of the company's offshore fleet, including the deployment of its first CSOV (Commissioning Service Operation Vessel) Wind Archer and three additional Crew Transfer Vessels (CTVs). The average fleet utilization rate in the third quarter was approximately 72%, compared to 65% in the previous quarter and 71% in the same period in 2025. These vessels serve the offshore wind and oil & gas markets.

In the offshore wind business, the company's subsidiary PKR Offshore (PKRO) signed a framework agreement with Siemens Gamesa in July involving the deployment and chartering of two CSOVs. The agreement is scheduled to commence in 2029 with an initial term of two years, and the start date can be brought forward to 2028; the agreement also includes extension options of one to three years. Under the terms, these two CSOVs will support Siemens Gamesa's multiple offshore wind projects in Taiwan on a non-exclusive basis, and both parties also plan to deploy PKRO's CSOV fleet to Siemens Gamesa's projects in South Korea and Japan.

Marco Polo Marine stated that the agreement provides a multi-year demand pipeline for its CSOV fleet. The company's second CSOV—CSOV Plus—is currently under construction at its Batam shipyard, with delivery planned for the second quarter of 2028; the third CSOV remains in the planning stage. The company said it continues to see long-term growth opportunities in the regional offshore wind sector, and the framework agreement with Siemens Gamesa extends the visibility of its offshore wind business beyond its existing fleet.