Ulstein Inks Deals with JP Morgan for Offshore Wind CSOV Newbuilds
Norwegian shipbuilder Ulstein Verft has signed contracts with J.P. Morgan Asset Management for offshore wind Construction Service Operation Vessel (CSOV) newbuilds.
In 2023, Bernhard Schulte Offshore ordered the design and construction of two such vessels from Ulstein under a contract which included options for two plus two vessels.
These options have been transferred to institutional investors advised by J.P. Morgan Asset Management, who declared the first two.
The CSOVs will be equipped with a hybrid battery propulsion system and prepared for green methanol fuel to enable carbon-neutral operations, according to Ulstein.
“We are excited to add to our existing presence in the offshore wind maintenance sector. These latest technology CSOVs will play a critical role in the development and delivery of renewable energy and global energy decarbonization,” said Andrian Dacy, Global Head of J.P. Morgan Asset Management’s Global Transportation Group.
“The offshore wind industry is an important enabler to achieve the climate goals, and we believe that our fuel-efficient ships will be vital assets in this mission," added Ulstein’s CEO Gunvor Ulstein.
The ships, of the ULSTEIN SX222 design, have a large, centrally positioned walk-to-work motion-compensated gangway and elevator tower for personnel and cargo transfers. In total, the vessels will be able to accommodate 132 people.
Furthermore, a 3D compensated crane capable of 5-ton-offshore-cargo lifts will be installed. The vessels have a length of 89.6 meters and a beam of 19.2 meters.
