Source: MOL

MOL and Toyo Construction Co., Ltd. announced on february 21th, that the companies signed a Memorandum of Understanding (MoU) on evaluating potential collaboration in offshore wind power plant construction, with the aim of commercializing vessels for offshore construction related to offshore wind power projects in Japan and overseas.

The companies aim to open up new business opportunities for work vessels which will be required for offshore wind power projects, based on the demand for vessels related to offshore wind power business in Japan and overseas.

The companies will meet demand for various types of work vessels in offshore wind power projects in Japan and overseas by combining MOL’s abundant track record in construction, ownership, and operation of vessels with Toyo Construction‘s abundant knowledge of marine engineering and technological development in offshore wind power, and broadly contribute to value chains in the offshore wind power business, which is positioned as a key renewable energy source in the future.

Establishment of Toyo Construction (Hanshin Harbor Construction Co., Ltd. at the time) was due largely to the idea of Kamesaburo Yamashita, President of Yamashita Kisen K.K., one of MOL’s corporate predecessors. Yamashita Kisen became the largest shareholder, and President Yamashita oversaw the first generation of the president of Toyo Construction. Utilizing this relationship, established through the long histories of both companies, MOL and Toyo Construction will build a firmer partnership through offshore wind power business.