Marco Polo’s first commissioning service operations vessel (CSOV), named Wind Archer , has started generating income for the Group after being deployed for work in mid-April, the Singapore-based company said in a financial update on 18 August.
In September 2022, Marco Polo Marine unveiled plans to build, own, and operate a CSOV to meet the increasing demand for support vessels from the offshore wind farm industry in Asia. Two months later, Marco Polo Marine’s subsidiary in Taiwan, PKR Offshore, entered into an agreement with Vestas for the deployment of the new CSOV on offshore wind projects in the Asia Pacific region.
Vestas and Marco Polo finalised the agreement in 2023 and, in 2024, Marco Polo said the new CSOV would go into service in October last year.
In an update on 18 August, Marco Polo said the vessel was anticipated to continue to work and generate revenue in the final quarter of 2025 and 2026.
The Group reported a revenue of SGD 22.2 million (approximately EUR 15 million) in its Ship Chartering business for the third quarter of its fiscal year (ending 30 June), supported by improved charter rates across its fleet and the maiden contribution of its first CSOV, which boosted revenue.
For the nine-month fiscal year period, the Ship Chartering business revenue stood at SGD 54.2 million (approx. EUR 36 million), out of which the CSOV and the three newly purchased CTVs contributed approximately SGD 11 million (approx. EUR 7 million).