Equinor’s large-scale offshore wind project in partnership with POSCO E&C.

Photo: (From the left) Equinor Deputy Project Director at Dohyun Park, Equinor Project Director Torgeir Nakken, head of POSCO E&C's infrastructure division Sang-woong On, and POSCO E&C Green Marine Project Director Dong-hyeon Kim.

  • Equinor, Europe’s leading state-owned broad energy company, is leading the development of one of the first floating offshore wind farm project in Korea.
  • Equinor will collaborate strategically with POSCO E&C for the large-scale ‘Ulsan Bandibuli Offshore Wind’ project development.
  • On Sang-woong, Head of the infrastructure division at POSCO E&C, emphasizes the pivotal role of POSCO E&C’s capabilities in ensuring the success of local offshore wind projects.

(August 23, 2023) Equinor will collaborate with POSCO E&C on engineering and construction for the world’s largest commercial-scale floating offshore wind Bandibuli project.

POSCO E&C announced the signing of a Memorandum of Understanding (MOU) with Equinor, a global leader in offshore wind power, for strategic cooperation regarding the Ulsan Bandibuli offshore wind project.

Through this MOU, Equinor will work closely with POSCO E&C to concretize the development of the Bandibuli offshore wind project in Ulsan.

The Bandibuli project is a large-scale initiative to install 750MW of floating offshore wind turbines in the shared waters, 70km off Ulsan Port to generate electricity. Equinor’s choice to develop the world’s largest commercial floating offshore wind farm in Korea is a testament to Korea’s attractiveness and potential as a renewable energy market.

POSCO E&C has been engaged in onshore concept design for the Bandibuli project since January and is actively collaborating with local stakeholders for onshore transmission line concept design.

On Sang Woong, the infrastructure division Head at POSCO E&C said “POSCO E&C aims to transcend the limitations of traditional construction and embrace renewable businesses like offshore wind power as the next-generation growth industry. The collaboration with Equinor is seen as a transformative milestone in advancing POSCO E&C’s offshore wind projects and seizing new business opportunities.”

He also added that “POSCO E&C’s extensive experience in local projects will contribute to the success of Equinor’s offshore wind business in Korea. POSCO E&C will consolidate its business capabilities for the success of local offshore wind projects”.

Torgeir Nakken, the Project Director of Bandibuli project, stated that “We are delighted to announce the signing of this MoU with POSCO E&C, a company with extensive expertise in the construction industry and a strong commitment to driving sustainable initiatives. We believe that together, we can harness the full potential of floating offshore wind in the region and contribute significantly to Korea’s renewable energy goals. With POSCO E&C’s valuable contributions, we are confident in our joint efforts to achieve a successful and groundbreaking project. “

This collaboration between Equinor and POSCO E&C marks a pivotal moment in the journey towards a sustainable and safe energy landscape. Both companies are eager to contribute to the successful development of offshore wind projects in Korea and beyond.

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