POSCO E&C, Equinor Sign Ulsan Firefly Floating Offshore Wind Agreement

August 25, 2023, by Adnan Memija

South Korea’s POSCO E&C has signed an agreement with Norwegian Equinor to promote the 750 MW Ulsan Firefly floating offshore wind farm in South Korea.

Through this agreement, POSCO E&C plans to establish a strategic partnership with Equinor, Norway’s state-owned energy company, in domestic offshore wind power development, construction, transportation, and other areas.

“We are working to practice real value management by selecting eco-friendly and renewable businesses such as offshore wind power as the next-generation future growth industry, breaking away from the limitations of the traditional construction industry,” said Sang-woong, head of POSCO E&C infrastructure division.

The 750 MW Ulsan Firefly floating offshore wind farm comprises two 75-square-kilometre areas, 70 kilometres off the coast of Ulsan.

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The project will be developed leveraging a low draft semi-submersible floating concept called Wind Semi.

The marine geophysical survey for the floating offshore wind project was completed at the end of last year by South Korea’s ocean exploration company Geoview.

POSCO E&C said it has been carrying out the conceptual design of an on-land transmission line since January this year in the run-up to the project.

The company also signed in April a technical cooperation deal with another Norwegian partner, DNV, to advance its offshore wind power unit.

“We expect that business cooperation will be a new inflection point for POSCO E&C’s offshore wind power business, and we will concentrate all our capabilities for the success of the business.”