POSCO E&C Signs Design Contract for Ulsan Firefly... Accelerating Offshore Wind Power Project

[Financial News] POSCO E&C announced on the 29th that it has signed a basic design (FEED) contract for the 'Ulsan Firefly Offshore Wind Project' with Equinor, a Norwegian state-owned energy company.
This contract was signed in accordance with the exclusive supply agreement (PSA) for the onshore construction of the 'Ulsan Firefly Offshore Wind Project' signed by both companies last November. It serves as a bridgehead for the future signing of the main contract for onshore design, procurement, and construction (EPC).
The basic design is an essential procedure that requires high expertise and experience to comprehensively review the technical and economic feasibility of the project and smoothly transition to the EPC stage. Through this contract, POSCO E&C plans to carry out the design of major infrastructure such as coastal connection, underground cable tunnel, transmission cable, and onshore substation.
The Ulsan Firefly Offshore Wind Project is a large-scale project to build a 750MW floating offshore wind power plant in the sea about 70km east of Ulsan Port. It is expected to play a pivotal role in the commercialization and technological independence of the domestic offshore wind industry, as it can supply power to all households in Ulsan Metropolitan City.
Equinor is a global energy company that has successfully carried out numerous offshore wind projects, including Hywind Tampen, the world's largest floating offshore wind farm, in Norway. The signing of this contract is evaluated as showing that Equinor highly appreciates POSCO E&C's technology and business capabilities. Through this, POSCO E&C has further strengthened its position in the domestic floating offshore wind market as a major partner of Equinor among domestic construction companies.
ming@fnnews.com Jeon Min-kyung Reporter