POSCO E&C announced on May 29 that it has signed a Front-End Engineering Design (FEED) contract with Equinor, the Norwegian state-owned energy company, for the Ulsan Floating Offshore Wind Project. This contract follows a previous agreement signed last November for the onshore construction of the project, marking a significant step towards the full-scale development of the wind farm.
The FEED contract is a critical phase, during which the technical and economic viability of the project will be comprehensively assessed. It also serves as a foundation for the subsequent full EPC (Engineering, Procurement, Construction) contract, which will cover the detailed design and construction work. The successful completion of this stage is essential for the smooth transition into the next project phases.
Under this agreement, POSCO E&C will undertake the design of key infrastructure components, including the offshore electrical collection system, submarine cables, onshore substations, and interconnection facilities. The company’s expertise in these areas is expected to support the project's successful completion and operation.
The Ulsan Floating Offshore Wind Project is a large-scale development in the waters approximately 70 km east of Ulsan Port, with a capacity of 750 megawatts (MW). Once completed, it will supply electricity to all households in Ulsan Metropolitan City and is expected to play a pivotal role in advancing South Korea’s commercial capabilities and technological independence in offshore wind power.
Equinor, one of the world’s leading offshore wind developers, has successfully operated several major projects, including Norway’s Hywind Tampen, the world’s largest floating wind farm. The contract signifies Equinor’s high regard for POSCO E&C’s technological capabilities and project execution strengths. This partnership will further strengthen POSCO E&C's position as a key domestic contractor in the floating offshore wind market.
To enhance its offshore wind capacity, POSCO E&C has been actively collaborating with global and domestic partners. In April 2023, it signed a memorandum of understanding with DNV, the world’s largest offshore wind certification organization, to jointly develop and certify floating wind technologies. It also partnered with Mansung Shipping, a domestic vessel company, and HA-Energy, a project developer, to secure specialized installation vessels. Additionally, the company is working with HSG Seongdong Shipbuilding to develop and produce offshore wind foundation structures, aiming to ensure a reliable supply chain and internalize core technological capabilities.
A POSCO E&C spokesperson stated, “This collaboration with Equinor is expected to maximize both technical excellence and project synergy,” adding, “We will also continue to expand cooperation with small and medium-sized construction firms and component suppliers to strengthen Korea’s floating offshore wind industry competitiveness.”
Furthermore, POSCO E&C is intensifying its efforts to improve its technological competitiveness and cost efficiency in offshore wind by strengthening collaboration with its parent group, POSCO. The company is focused on developing autonomous floating body (floater) technology based on POSCO’s high-performance thick steel, aiming to secure a leading position in both domestic and global offshore wind markets. The internalization of core components and structural technologies is expected to provide a strong foundation for future leadership in this rapidly growing industry.
