Marco Polo Marine has reported a rise in revenue and gross profit for the first nine months of its 2026 fiscal year, driven by momentum in its offshore wind business, bolstered by a framework agreement with Siemens Gamesa for commissioning service operation vessels (CSOVs).
The Singapore-listed marine logistics company achieved a revenue of SGD 109.7 million (approximately EUR 74 million) for the nine months ending 30 June 2026, marking a 30% increase from SGD 84.4 million (around EUR 57 million) the previous year. The gross profit also rose by 30% to SGD 46.4 million (around EUR 31 million), maintaining a margin of 42%.
In the third quarter, revenue climbed 13% to SGD 35.7 million (around EUR 24 million), while gross profit grew by 7% to SGD 15 million (around EUR 10 million).
The ship chartering division generated SGD 68.3 million (around EUR 46 million) in revenue over the first nine months, a 26% increase year on year. Growth was supported by the expansion of its offshore vessel fleet, including the deployment of its first CSOV, Wind Archer, and three additional crew transfer vessels (CTVs).
Fleet utilization averaged 72% in the third quarter, up from 65% in the previous quarter and 71% in the same period of 2025. The vessels operate across the offshore wind and oil and gas markets.
The company’s offshore wind division, PKR Offshore (PKRO), signed a framework agreement with Siemens Gamesa in July for the deployment and charter of two CSOVs.
The agreement, set to commence in 2029 for an initial two-year period, includes an option to start in 2028 and offers extensions of one to three years.
The vessels will support Siemens Gamesa on various offshore wind projects in Taiwan on a non-exclusive basis. The companies aim to collaborate on deploying PKRO’s CSOV fleet for Siemens Gamesa projects in South Korea and Japan.
Marco Polo Marine anticipates a multi-year demand pipeline for its CSOV fleet through this agreement.
The company’s second CSOV, CSOV Plus, is currently under construction at its Batam shipyard, with delivery expected in the second quarter of 2028. A third CSOV is in the planning phase.
Marco Polo Marine projects long-term growth in offshore wind across the region, with the Siemens Gamesa framework agreement enhancing the visibility of its wind activities beyond its existing fleet.
Original Story at www.offshorewind.biz