MOL and Toyo Construction Sign MoU on Collaboration in Offshore Wind Power Generation Related Work Vessel

February 21, 2022

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TOKYO- Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) and Toyo Construction Co., Ltd. (President: Kyoji Takezawa; Headquarters: Chiyoda-ku, Tokyo) today announced that the companies signed a Memorandum of Understanding (MoU) on evaluating potential collaboration in offshore wind power plant construction, with the aim of commercializing vessels for offshore construction related to offshore wind power projects in Japan and overseas.

The companies aim to open up new business opportunities for work vessels which will be required for offshore wind power projects, based on the demand for vessels related to offshore wind power business in Japan and overseas.

The companies will meet demand for various types of work vessels in offshore wind power projects in Japan and overseas by combining MOL's abundant track record in construction, ownership, and operation of vessels with Toyo Construction's abundant knowledge of marine engineering and technological development in offshore wind power, and broadly contribute to value chains in the offshore wind power business, which is positioned as a key renewable energy source in the future.

Establishment of Toyo Construction (Hanshin Harbor Construction Co., Ltd. at the time) was due largely to the idea of Kamesaburo Yamashita, President of Yamashita Kisen K.K., one of MOL's corporate predecessors. Yamashita Kisen became the largest shareholder, and President Yamashita oversaw the first generation of the president of Toyo Construction. Utilizing this relationship, established through the long histories of both companies, MOL and Toyo Construction will build a firmer partnership through offshore wind power business.

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About MOL
MOL was founded in 1884, and its business centers on the ocean shipping industry. Operating a fleet of about 800 vessels, it develops a variety of social infrastructure businesses. MOL is the first company in the ocean shipping industry to set a target of achieving net zero GHG emissions by 2050, and the entire MOL Group is engaged in wind power projects and committed to reducing GHG emissions. For details, please visit: https://www.mol.co.jp/en/index.html

About Toyo Construction
Since its founding in 1929, Toyo Construction has become one of Japan's top-class marine contractors, which has an extensive record of success in marine engineering using work vessels in Japan and overseas. In addition, it sets offshore wind power as a growth driver of its business, focusing on technology development and capital investment in fixed-bottom as well as floating-type wind turbines. For details, please visit:
https://www.toyo-const.co.jp/en/