Singapore-based Marco Polo Marine is charting an ambitious course to become a leading player in Asia’s offshore wind sector. Under the leadership of CEO Sean Lee, the company has transformed from near bankruptcy in 2016 to a thriving enterprise, securing key agreements and expanding its footprint in the region’s burgeoning offshore wind industry.
A Journey of Resilience and Transformation
Marco Polo Marine’s current trajectory is a stark contrast to its struggles in 2016 when plummeting oil prices halved its revenue, pushing the firm to the brink of collapse. While many of its competitors shut down, Lee embarked on a relentless quest for funding. Over nearly a year, he approached 150 potential investors, facing 141 rejections before securing $60 million from nine backers.
With the financial lifeline in place, Lee and his team knew a fundamental shift was necessary. Backed by supportive investors, bondholders, and partners, the firm embarked on a debt restructuring plan and pivoted towards the offshore wind sector, setting the stage for long-term resilience.
Strategic Pivot to Renewables
“After we survived and restructured, we looked at how to pivot towards new things, to make our firm stronger and more resilient. That’s when we chanced upon renewables as something promising,” Lee said.
With limited resources to acquire new assets, Marco Polo Marine repurposed its existing fleet from serving the offshore oil and gas industry to catering to offshore wind projects. While oil and gas remains the company’s core business, its entry into Taiwan’s offshore wind market, followed by agreements in South Korea and Japan, has significantly boosted its prospects.
In 2024, the company posted $123.5 million in revenue and $21.7 million in profit, signaling a successful turnaround.
Asia’s Offshore Wind Boom
Lee sees immense opportunities in the region’s growing offshore wind sector. Taiwan, South Korea, and Japan have set ambitious targets—5.7 gigawatts by 2025, 16 gigawatts by 2030, and 45 gigawatts by 2040, respectively. Other markets, including Vietnam, the Philippines, and Australia, are also ramping up their wind energy capacity.
To gain a competitive edge, Lee traveled to Taiwan—Asia’s offshore wind frontrunner—during the pandemic to learn from industry experts. His hands-on approach underscores his commitment to staying ahead in a complex and evolving sector.
Navigating Challenges in New Markets
Despite its experience in offshore oil and gas, transitioning to offshore wind presents new challenges. The firm is venturing into different geographical areas with distinct water and wind conditions, regulatory landscapes, and workforce dynamics.
“Each country has its own local crews, customs, and regulations,” Lee noted. “For a foreign firm like us to go to a local site, we need to work with local people. Whichever market we enter, we have to restart the process of engaging local workers and sharing our knowledge on offshore operations. We have to be patient.”
Competitive Edge: Integrated Shipyard Capabilities
A key advantage for Marco Polo Marine is its in-house shipyard, which enables the company to design, build, own, and operate its vessels. This integrated model is rare in the offshore wind sector, allowing for cost efficiencies, rapid adaptation to design modifications, and reverse engineering based on operational feedback.
“With our shipyard, we can handle repairs and maintenance for the complex vessels used in offshore wind,” Lee explained. “As we accumulate experience and expertise, we can leverage our skills and networks to enter new markets. For instance, I’m bringing our Japanese partners to Taiwan to deepen their understanding of the sector.”
Investment in Infrastructure and Equipment
To solidify its position in offshore wind, Marco Polo Marine has invested heavily in infrastructure. The company has designed and constructed a Commissioning Service Operation Vessel (CSOV), which will soon be deployed to support wind farm assembly and maintenance in Asia.
“When I stepped aboard our nearly completed CSOV for the first time, I was overwhelmed with emotion,” Lee said. “We spent years designing and selecting the best equipment for it, and now it’s finally here.”
Additionally, the company is expanding its shipyard facilities, with a fourth drydock set to open soon. This will enhance its capabilities in building, maintaining, and repairing ships, reinforcing its position as a major offshore wind service provider.
Strategic Growth Through Partnerships
Looking ahead, Lee is keen on forming strategic partnerships to accelerate the company’s expansion. Given finite resources, he emphasizes the importance of joint ventures, innovative business models, and leveraging existing expertise to attract customers.
“We don’t have infinite funds, so we need to be smart about how we grow,” he said. “At the end of the day, I want to deliver on our plans and investments to become a leader in offshore wind in Asia. I want Marco Polo Marine to have a presence in every country in the region.”
Lee credits his company’s survival and success to the unwavering support of its stakeholders. “I built the business, saved it, and pivoted it, but I didn’t do it alone. No one can. If you don’t give up, keep going, and have the right partners, you can go a long way.”
Conclusion
Marco Polo Marine’s transformation from a struggling shipping firm to a rising star in Asia’s offshore wind sector is a testament to resilience, strategic vision, and adaptability. With a strong foundation, key partnerships, and a growing footprint in offshore wind markets, the company is well-positioned to capitalize on the region’s renewable energy boom.
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