MOL and Flotation Energy to explore offshore floating wind in Japan

Mitsui O.S.K. Lines, Ltd. (“MOL”) and Flotation Energy plc.(“Flotation Energy”) have agreed to jointly evaluate offshore wind development opportunities in Japan. The agreement builds on the 2GW portfolio of offshore floating wind projects in Japan being developed by Flotation Energy (Japan) Co. Ltd., starting from Niigata and followed by other areas. MOL will jointly develop local supply chain and Flotation Energy will manage overall project development.

"The partnership with MOL is a very significant step for Flotation Energy as it builds its presence in Japan. We bring an innovative approach with fresh eyes in implementing offshore wind projects and look forward to working with MOL to deliver floating offshore wind in Japan" Tim Sawyer, Director of international operations, Flotation Energy, said.

" U.K. and Japan have a lot of similar background, both are island country, limited energy resources, and U.K. is ahead of Japan on offshore wind farm development.

With Flotation Energy, who has vast experience in developing offshore windfarms in U.K and internationally, MOL believes that this collaboration would accelerate the

floating offshore wind farm development in Japan market. MOL has a rich knowledge and experience in building, owning, operating and managing ships and offshore floating structures. Those will be a great help for development of offshore wind farms in Japan and Asian region.” Hirofumi Kuwata, Managing Executive Officer, Deputy Director General, Energy and Offshore Business Unit, MOL, said.

The partnership aims to develop and deliver offshore wind projects in Japan to support the Government’s 45 gigawatt (GW) offshore wind target by 2040, part of its goal to achieve carbon neutral by 2050.