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market has begun to face increased challenges, with only bottom-? xed offshore wind by 2030 from north to south of half of the 2035 capacity aspiration currently awarded. ~5.1 the country. However, there have been delays in adopting

GW of capacity is either operational or under construction. the necessary legal and regulatory frameworks to support

Local weather and ground conditions, high local content re- the aspiration.

quirements, a one-year delay in the Allocation Round 3.1 Vietnamese yards are already active in building offshore commissioning and grid connection deadline, and a chal- wind support vessels for the European market. We anticipate lenging auction process have resulted in development being that bottom-? xed projects will rely on the support of regional behind the aspiration. The gap between reality and aspiration construction vessels supported by the domestic offshore sup- is impacting the supply chain which is looking to other East port vessel segment.

Asian market to ? ll order books. In the short- to mid-term,

AUSTRALIA this means Japan and South Korea. Both markets are plan- ning auctions before the end of 2024 to support their respec- Emerging as a po- tive 10 GW and 14.3 GW aspirations by 2030. Despite the tential major re- longer-term potential in these two markets, both for bottom- gional market ? xed and ? oating wind technologies, annual auction alloca- tions remain comparatively small (below 1.5 GW), and we Australia is fast anticipate that local supply chains will continue to demand becoming a market more project activity to justify capacity investments. As with with major potential to develop offshore wind capacity. The

Taiwan, we anticipate that projects in Japan and South Korea government has designated a total of six priority offshore will require high levels of local content. wind zones in the country. The government has developed

Japan, South Korea and Taiwan all feature ? oating wind a robust process for identifying and awarding offshore wind development plans. Whereas as Japan and Taiwan’s efforts licenses. 12 projects have recently received 7-year feasibil- can be classed as technology and pre-commercial scale, South ity licenses to progress the construction and operations plan-

Korea is moving to auction commercial scale ? oating capac- ning for projects in the State of Victoria, the ? rst state to ity in the east of the country by the end of 2024, and South set offshore deployment targets – at least 2 GW by 2032, 4

Korean EPCI contractors and shipyards are gearing up to meet GW by 2035 and 9 GW by 2035. Whilst the initial Victoria the challenge. wind farms feature bottom-? xed technology, the anticipated

All three counties are home to domestically built, owned feasibility licenses for New South Wales will require ? oating and operated bottom-? xed construction vessels. South Ko- wind solutions.

rea is also a major builder of international construction As with oil & gas projects in the country, we anticipate that vessels. Given the comparative weakness in the oil & gas construction vessel supply will be largely provided from the vessel segment of these three countries, it is still to be seen international ? eet, but logistics and operations & maintenance if ? oating wind auction activity will trigger domestic new- support will be met by domestic owners.

building programs of targeted wind vessels.

THE

VIETNAM PHILIPPINES

Much promise but One to watch slow development

The Philippines is

Till now, Vietnam emerging as a poten- has only featured in- tial market for the end tertidal projects that of this decade and into the next. The country aspires to deploy do not rely on tradi- the country’s ? rst offshore wind farm by 2030 and to install tional offshore wind around 20 GW by 2040 and is working with developers to cre- supply chains. Central planning aspires to deploy 6 GW of ate conditions to advance projects.

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