Scorpio Bulkers has signed a letter of intent with Daewoo Shipbuilding and Marine Engineering for the construction of a wind turbine installation vessel.

The vessel, scheduled for delivery in 2023, will be an NG-16000X GustoMSC design, fitted with a leg encircling crane from Huisman. The contract is expected to be signed in the fourth quarter of 2020 and will include options to construct up to an additional three units with similar specifications.

According to Scorpio Bulkers, the total project cost is expected to be around USD265-290 million, subject to final design modifications.

Scorpio noted there is a growing shortage of vessels that can install and maintain the next-generation wind turbines. At the same time, the offshore wind sector is expected to grow at a compound annual growth rate of over 15 percent during the next decade, said Scorpio.

Emanuele A. Lauro, chairman and ceo, added: “Scorpio Bulkers is embarking on a new and exciting journey. The world urgently needs to reduce emissions and offshore wind will make a pivotal contribution. This strategic direction now aligns with our future customers, investors, finance providers and the growing momentum in global public policy.”

He added: “Scorpio has a history of executing complex maritime projects and of building teams and expertise to enter new markets. We are fully committed to this new direction as an area of significant value creation for our shareholders and alignment with our multiple stakeholders.”