BDI signs MOU with Korea Marine Technology, top domestic subsea cable contractor, to jointly participate in offshore wind power projects

[Asia Economy Reporter Yoo Hyun-seok] VIDIA announced on the 4th that it has signed a Memorandum of Understanding (MOU) with Korea Marine Technology, a specialized company in submarine cable construction, to promote onshore and offshore wind power projects.

Through this MOU, the two companies plan to continue close collaboration in the wind power business. Korea Marine Technology will handle the offshore sector, while VIDIA will be responsible for surveys, permits, installation and construction, and procurement of major materials for wind power installation onshore.

Starting with this MOU, VIDIA plans to acquire a portion of Korea Marine Technology’s shares to further strengthen the cooperative relationship between the two companies in offshore wind power projects.

Recently, VIDIA signed a construction contract worth 391.8 billion KRW with Wando Offshore Wind Power for marine structure foundation work and power grid connection work related to the ‘Wando Offshore Wind Power Project (installed capacity 148.5MW).’ VIDIA expects to successfully carry out the Wando Offshore Wind Power Project through this MOU.

The offshore wind power business can be broadly divided into ▲wind turbines ▲marine structure foundation work ▲power grid connection work. Among these, ‘power grid connection work’?which includes ‘submarine cable installation,’ ‘offshore substations installation,’ and ‘power system installation’?accounts for about 15 to 20% of the total project cost and is a critical area.

Founded in 1993, Korea Marine Technology is a company specializing in engineering and underwater construction in the marine and underwater fields. It operates various businesses including marine and underwater engineering, marine foundation surveys, submarine cable construction, port and coastal civil engineering, marine structure diagnostics, and wind, wave, and tidal power (design, construction, protection, and maintenance of submarine cable routes for grid connection).

The company has extensive experience in ‘marine surveys and permits,’ ‘design and construction of submarine cable protection facilities,’ and ‘post-management of submarine cables.’ Over more than 10 years, through projects such as the ‘Haenam-Jeju DC interconnection construction project’ and ‘maintenance work,’ it has secured top-level domestic technology, equipment, and expert personnel.

A VIDIA official said, “Korea Marine Technology successfully completed the submarine cable installation for offshore wind power connection in front of the southern breakwater of Bieungdo-dong, Gunsan-si, Jeonbuk in 2017, and the internal network submarine cable construction project within the Seonamhae offshore wind power pilot complex in Gochang-gun in 2019,” adding, “They are actively participating in numerous sites in line with the government’s Green New Deal policy, and will play a key role in VIDIA’s ongoing offshore wind power projects.”

He continued, “To successfully promote offshore wind power projects, we are conducting MOUs with specialized companies related to foundation work for offshore wind turbine installation and power grid connection work,” and added, “We will continue to participate as a strategic investor (SI) and contractor in domestic offshore wind farm development consortia and grow as a specialized offshore wind power company.”