ESVAGT and KMC Line Establish Joint Venture, KESTO, for South Korean Offshore Wind Market

Danish vessel owner ESVAGT and South Korean shipping firm KMC Line have joined forces to create a new joint venture named KESTO, dedicated to serving the burgeoning South Korean offshore wind market. This strategic partnership brings together ESVAGT’s expertise in offshore wind operations with KMC Line’s regional maritime knowledge to capitalize on the significant growth opportunities in South Korea’s offshore wind sector.

The South Korean government has ambitious plans to expand its offshore wind capacity, with targets set to reach as much as 18.3 GW by 2030. Recognizing the potential of this market, ESVAGT and KMC Line have seized the opportunity to establish KESTO as a key player in supporting the development of offshore wind projects in the region.

The agreement to form KESTO was officially signed on May 8 in the presence of over 70 industry stakeholders, including customers, partners, and government officials. The joint venture is already engaged in discussions with various partners regarding upcoming offshore wind farm projects slated to commence from 2027 onwards.

ESVAGT CEO, Søren Karas, expressed the company’s commitment to expanding its presence in new markets in response to customer demand for trusted expertise and capabilities. “The Korean offshore wind market presents an attractive opportunity for growth. By partnering with KMC Line, we can leverage our proven track record and reputation to support the development of offshore wind projects in South Korea,” Karas stated.

James Jonghoon Kim, President & CEO of KMC Line, emphasized the importance of combining ESVAGT’s specialized knowledge in Service Operation Vessels (SOVs) with KMC Line’s local maritime experience to enhance safety and service quality standards in the Korean offshore wind industry. “KESTO is poised to set a new benchmark for excellence in offshore wind services, leveraging our collective strengths to deliver exceptional outcomes for our clients,” Kim remarked.

As the Korean offshore wind market continues to expand rapidly, the establishment of KESTO signals a significant milestone in the collaboration between ESVAGT and KMC Line, paving the way for enhanced support and services for offshore wind projects in South Korea.