Woori Technology "CGO, Construction of Offshore Wind Power Installation Vessel"

[Asia Economy Reporter Hyunseok Yoo] CGO, an affiliate of Woori Technology, is embarking on the construction of an ultra-large offshore wind specialized installation vessel based on over 20 years of accumulated marine plant and offshore wind technology. Starting with this installation vessel construction, the introduction of domestic technology and equipment to offshore wind farms is expected to accelerate.

Woori Technology announced on the 31st that CGO will build an ultra-large offshore wind specialized installation vessel with a capacity of 7,000 tons, necessary for the construction of large-scale offshore wind power complexes.

An offshore wind installation vessel is an essential ship for transporting and installing large-scale power generation facilities at sea, equipped with an ultra-large crane. Until now, only a few companies in advanced offshore wind power countries such as Europe have owned the know-how and vessels, monopolizing operations. Due to technical limitations in Korea, there has been no specialized installation vessel capable of installing offshore wind power facilities of 4MW or larger.

CGO is a company with outstanding wind power technology, having overseen the entire marine construction of Korea’s first offshore wind power complex, the Tamna Offshore Wind Power Complex (30MW scale). It has accumulated proprietary technology by participating in numerous national research projects related to offshore wind power development. It also holds a significant number of related patents, including ▲support structure adjustment devices for marine structures ▲lifting balance decks for marine operations ▲underwater ultrasonic inspection systems.

Since 2014, CGO has already completed the design of the offshore wind specialized installation vessel in collaboration with leading shipbuilders and overseas consulting firms. Discussions regarding construction are underway with major shipbuilders and financial investors, and orders are planned to be placed soon.

A CGO official stated, “Offshore wind power installation vessels cannot be chartered domestically, so we had no choice but to pay charter fees amounting to billions of won to foreign companies.” He added, “CGO is currently discussing construction with major domestic partners and is on the verge of placing an order for the installation vessel.” He further noted, “Due to the recent Green New Deal policy and other factors, demand for wind power is expected to increase significantly, so the installation vessel construction business is anticipated to be highly profitable.”

According to the government’s recently announced ‘Green New Deal’ policy, the scale of domestic offshore wind power is expected to grow about 100 times from 125MW in 2030 to 12GW. A Woori Technology official said, “Through this installation vessel construction, CGO will be able to enter the global offshore wind power construction market led by Europe,” adding, “It will be an important turning point to secure competitiveness in marine transportation and installation sectors.”