Japanese companies Mitsui OSK Lines (MOL) and Toyo Construction have formed a joint venture (JV) to pursue opportunities in offshore wind power.

The companies set up the 50:50 JV following a study and talks on opportunities for collaboration.

Shipping company MOL and marine and civil engineering services provider Toyo plan to create synergies across a wide range of areas related to offshore wind, including survey planning, the procurement of work vessels and offshore construction.

The companies aim to create a strong yet agile business in the sector.

This JV will integrate MOL’s know-how in ship construction, ownership and operation and Toyo’s expertise and human resources in offshore construction along with its technological development in the sector.

The new business is expected to contribute significantly to the sector’s value chain as an engineering and solutions company, allowing it to meet the demand for a wide range of businesses in offshore wind, which will play a crucial role in renewable energy supply in the future.

The latest decision follows the signing of a memorandum of understanding (MoU) between the two firms in February 2022 to collaborate in the sector and unlock new business opportunities for work vessels for offshore wind projects in Japan and overseas.