Marco Polo Marine (MPM) is to build a Commissioning Service Operation Vessel (CSOV) to meet the rising demand from Asia’s booming offshore windfarm industry.

The Singapore offshore company said the newbuilding will cost $60m to build which will be funded from existing resources and bank debt. Delivery is anticipated in early 2024.

Singapore-listed MPM, which first unveiled the concept in March 2022, said it would be the first of its kind to be designed in Asia.