November 1 - Cosco Shipping and DEME have signed an umbrella agreement to work closely on the development of offshore wind energy in China.
This deal follows an announcement from China's Cosco Shipping and Belgium based DEME in May that the two companies were forming a joint venture to develop offshore wind energy in the Asian nation.
The companies stated that the cooperation is in line with China's renewable energy development plan, with the country's government wishing to significantly increase the installed capacity of offshore wind energy by 2020 and beyond.
Cosco will work together with DEME subsidiary GeoSea, which has extensive experience in developing, building and maintaining offshore wind farms.
DEME chairman Luc Bertrand said that the JV is a "win-win" for both parties, contributing to China's climate objectives as well as developing Cosco's areas of expertise, such as heavy lift transport and ship building.