Woori Technology announced on May 8 that it has secured a substructure installation vessel for use in the offshore wind power project in Aphae, Sinan County, South Jeolla Province.
Woori Technology has become the first company in Korea to secure an offshore wind substructure installation vessel. The company plans to maximize its performance in the offshore wind sector by leveraging this exclusive position. Based on domestic offshore wind projects that are expected to break ground over the next five years, revenue related to substructure installation vessels alone is projected to reach at least 400 billion KRW.
A substructure installation vessel is a specialized ship used to transport and install foundational structures such as jackets for offshore wind farms. Although it is essential for offshore wind projects, there are currently no companies in Korea that own such vessels. As multiple offshore wind farms are scheduled to begin construction this year, demand for substructure installation vessels is expected to surge in the coming years.
Woori Technology plans to deploy the substructure installation vessel starting with the Aphae Offshore Wind Farm, which is being developed through its wholly owned subsidiary. The company is also working to commercialize its control and instrumentation technology, originally developed for the nuclear power business, in the offshore wind sector. The Aphae Offshore Wind Farm will have a capacity of 80 MW (megawatts), with a total project cost of approximately 300 billion KRW.
Woori Technology is also seeking to secure contracts for substructure installation vessel services at additional domestic offshore wind farms. The company has already begun discussions with developers of offshore wind farms located in South Jeolla Province and expects to achieve results as early as this month.
A Woori Technology representative stated, "As the development of our own offshore wind farm enters its final stage, we have decided to introduce a substructure installation vessel, which will allow us to maximize our performance in the offshore wind sector. Since a substructure installation vessel is a specialized ship that takes more than a year to secure, and with the full-scale construction of domestic offshore wind farms set to begin this year, we expect to generate significant revenue by capturing the market early."
He added, "Our subsidiary CGO has experience in building and operating specialized vessels for offshore wind, so we believe we can maintain our exclusive position in the domestic market for substructure installation vessels over the long term. In addition to building the substructure installation vessel, we will also accelerate the development of the Aphae Offshore Wind Power Project."
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