POSCO E&C, Offshore Wind Power Project Intensification

POSCO E&C announced on the 29th that it has signed a basic design (FEED) contract for the 'Ulsan Firefly Offshore Wind Project' with Norwegian state-owned energy company Equinor.

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 in November last year. It serves as a bridgehead for the future signing of the main contract for onshore design, procurement, and construction (EPC).

Basic design is an essential procedure that comprehensively reviews the technical and economic feasibility of the project and requires high expertise and experience to smoothly transition to the EPC stage. Through this contract, POSCO E&C plans to carry out the design of major infrastructure such as coastal connections, underground cable tunnels, transmission cables, and onshore substations.

The Ulsan Firefly Offshore Wind Project is a large-scale project to construct a 750MW floating offshore wind power plant in waters 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 in Norway, the world's largest floating offshore wind farm. 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