J.P. Morgan orders up to four CSOVs at Ulstein

Image: Ulstein

Norway’s Ulstein Verft reports that it has entered into two offshore wind farm Construction Service Operation Vessels (CSOVs) newbuild contracts with J.P. Morgan. The Ulstein SX222 design vessels were originally optioned under a two-plus-two contract placed with Ulstein by Bernhard Schulte Offshore in 2023. The two options have been transferred to institutional investors advised by J.P. Morgan Asset Management, who have declared them and optioned two further vessels.

“We are excited to add to our existing presence in the offshore wind maintenance sector,” said Andrian Dacy, global head of J.P. Morgan Asset Management’s Global Transportation Group. “These latest technology CSOVs will play a critical role in the development and delivery of renewable energy and global energy decarbonization.”

The vessels will be equipped with a battery hybrid propulsion system and be prepared for green methanol fuel to enable carbon-neutral operations. The contracts have been entered into on behalf of institutional investors advised by J.P. Morgan Asset Management and include two additional options.

With a length of 89.6 meters and a beam of 19.2 meters, the ships have a large, centrally positioned walk-to-work motion-compensated gangway and elevator tower for personnel and cargo transfers. Additionally, a 3D compensated crane capable of 5-ton offshore-cargo lifts is installed. Their optimized on-board logistics includes large storage capacities and stepless approach to the offshore installations.

The Ulstein SX222 design platform is adapted to the shipowner’s needs, including single cabins for 110 persons. In total, the vessels will be able to accommodate 132 people.

”The offshore wind industry is an important enabler to achieve the climate goals, and we believe that our fuel-efficient ships will be vital assets in this mission,” said Ulstein Group CEO Gunvor Ulstein.

The J.P. Morgan Global Transportation Group has been investing in the transportation industry since 2010 and actively manages over $8 billion in transportation assets in the maritime, energy logistic, intermodal, rail and aircraft segments. The team takes a long-term approach to investing, comprising both investments in assets, platform development and corporate acquisitions.