New York-listed Scorpio Bulkers is taking a first step into the market for wind turbine installation vessels (WTIV).

The bulker owner signed a letter of intent at South Korea’s Daewoo Shipbuilding & Marine Engineering for a $265m to $290m project.

Scorpio, an owner of conventional dry bulk vessels, is making the jump after more than a year of studying the technology, chief executive Emanuele Lauro told TradeWinds.

The vessel is expected to deliver in 2023, and with no payments required from Scorpio until 2022, there is no immediate need for the owner to take steps like issuing equity in connection with the project.