Marco Polo Marine’s 49%-owned indirect subsidiary, PKR Offshore, is targeting to list in Taiwan and plans to submit its listing application by the third quarter of 2026.
According to Marco Polo Marine, the move will unlock capital to fund PKR Offshore’s fleet of specialised offshore wind vessels where the proceeds will go towards developing vessels, including commissioning service operation vessels (CSOVs), to serve the high-growth offshore wind markets.
The planned listing is also meant to drive Marco Polo Marine’s growth in two key areas, which is to deepen its presence in the high-value renewable energy sector and tapping into new, dynamic capital markets.
Furthermore, by choosing to list in Taiwan, Marco Polo Marine is positioning PKR Offshore at the epicentre of one of Asia's most ambitious offshore wind development programmes.
Marco Polo Marine has sought the Singapore Exchange Securities Trading Limited (SGX-ST)’s agreement that the proposed PKRO Listing would not amount to a chain listing for the purposes of Rule 210(6) of the SGX-ST listing manual.
Rule 210(6) states that a subsidiary or parent company of an existing listed company will “not normally be considered suitable for listing if the assets and operations of the applicant are substantially the same as those of the existing issuer” and that “in arriving at a decision, the Exchange will consider the applicant's business or commercial reasons for listing.”
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Given that PKR Offshore’s listing is expected to take place in the later part of 2026, Marco Polo Marine would have to pre-clear with the SGX-ST in the event of any significant changes in the proposal for the listing.
In its statement, Marco Polo Marine notes that the global offshore wind sector is continuing to display “robust growth fundamentals”. As of May this year, installed capacity has reached 83 GW with an additional 48 GW under construction, according to the Global Wind Energy Council (GWEC).
Notably, auction activity in the previous year amounted to 56.3 GW across major markets—including China (17.4 GW), Europe (23.2 GW), the US (8.4 GW), and Northeast Asia (7.4 GW combined)—with GWEC projecting a further 100 GW in the next two years, the company adds.
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“This planned listing is a pivotal strategic move that aligns Marco Polo Marine with the global energy transition. By seeking to list PKR Offshore in Taiwan, we are planting our flag firmly in one of the world's most dynamic offshore wind markets and creating a powerful platform for regional growth,” says Sean Lee, CEO of Marco Polo Marine.
"Taiwan provides the ideal springboard to serve the broader Asia region, where we see immense, long-term potential,” he adds. “For our investors, this represents a unique opportunity to participate in a renewable energy growth story, backed by Marco Polo Marine's decades of maritime expertise and operational excellence. We are not just building ships; we are building the critical infrastructure for the future of clean energy in Asia.”
Shares in Marco Polo Marine closed 0.2 cents higher or 2.99% up at 6.9 cents on Aug 25.
