Singapore-based subsea engineering company G8 has secured permitting approval to proceed with plans for a 1.5GW offshore wind project agreed with South Korean industrial group Holim Tech.
The 1500MW G8 - Holim G8 - Holim (1500MW) Offshore off Jindo-gun, Jeollanam-do, South Korea, Asia-Pacific Click to see full details offshore wind farm is due to be paired with a 'next generation ultra-long life' lithium ion energy storage system from G8’s technology partner 3DOM, which would stabilise power transmitted to the grid.
The project is due to be built off the south-western tip of South Korea, about 60km from the shore. Its site has wind speeds of 7-8m/s, a G8 spokeswoman told
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The developers have received approval to use the site from regional fisheries and maritime authorities and additional permitting approval from the ministry of trade, industry and energy. They are working with fishing authorities on cable routes and transmission landing points before starting construction.
They aim to reach financial close as early as 2023 and begin construction and marine works in 2023 or 2024, ahead of commissioning the project’s three stages by 2026.
Pascal Cheon, G8 Korea’s chief operating officer, said: “We are pleased to initiate the commercial execution of this significant project after detailed evaluation and planning, with local authority permission to proceed. The construction and operations of our turbine plant here will also contribute to future job creation.”
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Gerald Tan, Managing Director of G8 Group, added: Energy storage will be an important element to propel large-scale renewables forward. This project will be an important step for both G8 and the South Korean Wind Power industry, as it will be one of the largest offshore wind farm projects in Asia to utilise our next generation energy storage technologies, offering our commercial and utility clients a complete and long-lasting energy storage solution.
G8 plans to install the project’s high-voltage subsea power cables with its precision cable lay and protection technologies to ensure maximum long-term security of the power connection to the grid. The facilities and offshore turbine structures specified will use 'global leading standards' while supporting the local construction and marine industries, G8 stated.
In early December, as well as its battery technology supply agreement with 3DOM, G8 announced a technological development framework agreement with South Korean structural engineering firm Wookyung Engineering & Construction for floating offshore wind structures. These will incorporate G8's proprietary modular tractive buoyancy (MTB) system to scale up offshore renewable energy production in South Korea.
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Several developers have announced plans for large-scale offshore wind farms off South Korea, including Shell and CoensHexicon, Ocean Winds, EDPR and Aker Solutions, Equinor, TotalEnergies (then known as Total) and Green Investment Group, and Ørsted. Plans for an 8.2GW project off the south-west coast have also been announced.
South Korea aims to become one of the top five countries for offshore wind deployment by 2030, with a 16.5GW goal, its president, Moon Jae-in, has said.Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. — South Korea’s Big Three shipbuilders — ventured into offshore oil rigs starting around 2010. The goal was to avoid direct competition with China, where inexpensive labor could churn out low-profit tankers at cheaper rates. With oil prices climbing toward $100 a barrel, offshore rigs seemed like a savvy bet.
Today the strategy seems to have backfired. Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses when they report earnings starting Monday. It’s the latest example of difficulties for the global shipbuilding industry, after a glut of vessels and low freight rates have spelled financial trouble for Chinese yards in recent years, prompting them to seek government aid.
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The Big Three “excessively competed to win offshore plants to make up the gap caused by falling demand for ships, ” Yang Jong Seo, a research fellow at the Korea Eximbank Overseas Economic Research Institute, a government think-tank, said by telephone. “That excessive competition was their biggest mistake.”
Shares of Samsung Heavy rose 3 percent Monday to 13, 900 won in Seoul, while Hyundai Heavy gained 1 percent to 100, 500 won. Daewoo Shipbuilding shares fell 1.6 percent to 7, 520 won.
Shipbuilding has been central to South Korea’s economy since the 1970s. Ships accounted for 8.5 percent of the country’s total exports through June 20 of this year, up from 7 percent for all of 2014, according to the trade ministry.
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Worldwide, the shipbuilding industry is seeing fewer orders as a sluggish global economy and low freight rates discourage ship owners from buying new vessels. Last year, China Rongsheng Heavy Industries Group Holdings Ltd., once the nation’s biggest shipyard outside government control, was forced to seek financial aid.
This week is a test for the Big Three as they report second-quarter earnings. Analysts forecast the companies will post profits, but shares of the three companies have been plunging on media reports of a challenging quarter.
Samsung Heavy may show a 1 trillion won ($856 million) loss Wednesday, according to EToday. Hyundai Heavy earnings also are due out Wednesday. The two companies declined to comment on their earnings and the impact offshore rigs have had on margins.
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Daewoo Shipbuilding, which moved up its release to Wednesday from Aug. 14, may report a loss as large as 3 trillion won, according to local newsprovider Yonhap Infomax. CEO Jung Sung Leep told employees Daewoo Shipbuilding can probably avoid a debt restructuring but will need to sell assets, cut costs and relocate staff, the company said in a July 20 statement.
In an e-mailed response to Bloomberg on July 24, Daewoo Shipbuilding said it expects a second-quarter loss in large part because of the offshore rig projects, where a lack of experience led to errors of design and process that greatly inflated costs. The company said it would reflect the entire loss in the second quarter.
Daewoo Shipbuilding shares are down 60 percent this year, Samsung Heavy shares have fallen 30 percent and Hyundai Heavy shares are down 13 percent. Korea’s benchmark Kospi index is up 6.5 percent since the start of the year.
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The move into offshore drilling rigs began in earnest around 2010, as the global slowdown and competition from cheaper Chinese companies challenged the Big Three’s traditional business. With oil prices rising and Chinese shipyards unable to build sophisticated rigs, the offshore business seemed to promise higher profits and less competition.
It didn’t work out that way. Crude oil prices collapsed 60 percent from June 2014 to March 2015, damping demand for drilling rigs. What’s more, Korean companies used to working on rig projects at depths of 1, 000 meters or less found deep-sea construction more complicated and costly.
The timeframe to build a rig — about 40 months, compared to 18 months for a tanker ship — and the common practice of backloading most payment until delivery has left the companies burning through cash.
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At Daewoo Shipbuilding, available cash fell to 87.9 billion won in the first quarter of 2015 from 238 billion won a year earlier. Samsung Heavy’s cash position fell to 152.2 billion won in the first quarter from 1.1 trillion just six months earlier.
“I think the current situation is the bottom for the shipbuilders, ” Yang said. “South Korean shipbuilders will be able to recover from this slump. They should learn from their mistakes and focus on increasing their technical competitiveness.”
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Korea Shipbuilding Wins 850 Bln Won Order For Offshore Plant
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