Setting Sail for the Future: Marco Polo Marine’s Transformation Story

Keith

In September 2022, Marco Polo Marine unveiled its plans to diversify into offshore wind projects by building, owning, and operating a Construction Service Operations Vessels (CSOV). This move was designed to meet the growing demand for support vessels in Asia’s offshore wind farm industry, and it also aimed to provide stability beyond the volatile oil and gas sector which are cyclical in nature.

The decision was born out of necessity. Back in 2016, Marco Polo Marine was fighting for survival. When oil prices plummeted from US$120 to US$20 per barrel, it impacted the company’s core business of supplying vessels for offshore oil and gas production. But the turning point came during the pandemic, as Marco Polo Marine CEO, Sean Lee, noticed an intriguing trend—his vessels were being chartered more and more for offshore wind farm projects in Taiwan.

Fast forward to February 2025, the vision has also finally become a reality despite facing several headwinds such as labor shortage and weather constraint amongst others. The 83-meter-long vessel, MP Wind Archer, was completed at Marco Polo Shipyard in Batam, Indonesia. It’s fitted with a 3D-motion compensated walk-to-work gangway and can accommodate up to 110 people. The vessel will soon be deployed across offshore wind farms in the Asia-Pacific region and is expected to start contributing to Marco Polo Marine’s results in Q2 FY25, with even greater impact expected over time.

For those unfamiliar with CSOVs, these specialized ships serve as floating bases for offshore wind projects, providing a stable platform for technicians and equipment. Designed for long-term deployment, they facilitate commissioning, maintenance, and repairs in challenging offshore environments. Equipped with motion-compensated gangways and dynamic positioning systems, CSOVs ensure smooth and safe crew transfers to wind turbines—even in tough conditions.

Working offshore often means spending a month away from home, so CSOVs are also designed with crew well-being in mind. To support technicians and crew members while they’re away, MP Wind Archer comes ready with facilities like a well-equipped, compact gym, a state-of-the-art karaoke system and a cozy, theater-style cinema, ensuring crew members have plenty of entertainment options during their time offshore.

On February 12th 2025, the team at The Joyful Investors had the honor of attending the showcase event onsite, alongside analysts and distinguished guests, for a firsthand look at the vessel. But what made this experience even more special wasn’t just the US$60 million investment in this commissioning service operation vessel—it was witnessing a company’s incredible transformation.

Now, let’s dive in and take a closer look at the shipyard in Batam and step inside MP Wind Archer—the first CSOV designed in Asia:

Arriving at the PT. Marcopolo Shipyard at Batam Indonesia.

A view of the dry dock and getting ready to board the CSOV! 🚢✨

The welcoming reception room, featuring elegant fluted panels and soft cove lighting.

The boardroom that provides the perfect setting for productive meetings at sea.

It was easy to navigate with clear signages pointing out what’s on the port side and starboard of each level. 🧭🚢

Cozy crew quarters—complete with a rain shower🚿#HomeAtSea

Checking out the well-equipped gym facilities.

Marco Polo Marine’s CEO, Sean Lee, reassures that the treadmill area is designed with ample ceiling height to accommodate taller crew members.

The state-of-the-art theatre room- Perfect for winding down! 🎬

Mic check, heart out—let’s go! #KaraokeNights

Fancy a massage?

#JustInCase

The dining hall where the crew can enjoy their meal in comfort.

The seating areas are thoughtfully arranged, offering a cozy atmosphere for every meal. 🍽️

A lavish spread of delicious food was prepared as well during the tour.

Exploring other areas of the vessel—every corner has something interesting to discover!

The highlight for us was the visit to the wheelhouse (aka bridge) from which the vessel can be commanded.

Comes with additional screens for trading needs. (#Just kidding)

With Geoff Howie, SGX Market Strategist, alongside Kathy and Keith, investment coaches of The Joyful Investors.

Captain Kathy at the wheel.

And finally, the guests were presented with a thoughtful gift with a very meaningful quote to commemorate the tour.

Running a business requires embracing adaptability in the face of change, especially when structural challenges arise within the existing business model. It’s about staying open, identifying new opportunities within your core competencies, and charting a path forward, even when the way isn’t immediately clear. The key is to remain resourceful, continuously learn, and seek innovative solutions.

Pivoting is one thing; pivoting into something bankable is another. Marco Polo Marine has done just that—leveraging its strengths, creating a strategic edge, and aligning with future possibilities. A true story of resilience and grit in action.

💡 Get more investing ideas or see what investors are saying about Marco Polo Marine Ltd on InvestingNote, Singapore’s first & largest community-driven platform where active investors connect.

About Keith

Keith is an investment mentor at The Joyful Investors and is the originator behind the Moneyball Investing methodology, a strategy that facilitated his attainment of financial independence by the age of 35. He is a licensed senior wealth adviser who has more than 18 years of experience in working with asset managers to deliver wealth advisory services to private clients, with a focus on retirement planning. His expertise in portfolio management has not only enabled many clients to retire early but has also earned him accolades, including the iFast Symposium Top Wealth Advisers award, among others.

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