Danish offshore wind vessel operator Esvagt and South Korean shipping company KMC Line have announced the formation of a joint venture, KESTO, aimed at the rapidly growing offshore wind market in South Korea. The country plans to install up to 18.3 GW of offshore wind capacity by 2030, presenting significant business opportunities for the new partnership.
KESTO is already in discussions with potential partners for several South Korean offshore wind projects expected to launch from 2027. This collaboration combines Esvagt’s extensive experience in offshore wind support with KMC Line’s deep market knowledge and strong relationships with local partners and government authorities.
“We are focused on growth and responding to our customers’ requests to apply our proven skills in new markets,” said Søren Karas, CEO of Esvagt. “The potential in the Korean market is significant, but as an emerging market, it also requires reliable partners to minimize risks and ensure consistent quality,” he added.
KMC Line President and CEO James Jonghoon Kim emphasized the importance of this partnership: “We have a strong industrial base in South Korea, but we lack the offshore wind expertise and service quality standards. By combining Esvagt’s experience in service operation vessels (SOVs) with our regional maritime knowledge, we can set a new benchmark for safety and service quality in the industry.
The launch of KESTO also expands Esvagt’s global footprint, following its strategic joint venture with Crowley for the North American market, where the two companies are currently building SOVs to support Siemens Gamesa operations at Dominion Energy’s wind farm, set to come online in 2026.
