[Featured Stock] Samkang M&T Rises on Selection as Offshore Wind Power Plant Developer

[Asia Economy Reporter Minji Lee] The stock price of Samkang M&T is showing an intraday increase of over 5%.

At 10:35 a.m. on the 18th, Samkang M&T was trading at 29,400 KRW, up 5.95% from the previous trading day. The stock price reached 29,450 KRW during intraday trading.

The stock reacted to news that the company was selected as the construction contractor for a floating offshore wind power complex being developed off the coast of Ulsan. On the same day, Samkang M&T announced that it had formed a consortium with French offshore plant engineering company Technip Energies and UK offshore design, procurement, and construction (EPC) company Subsea 7, and was selected as the basic design implementation consortium for the Ulsan ‘Gwisin-gorae3’ project.

‘Gwisin-gorae3’ is a floating offshore wind power complex project with a capacity of 504 megawatts (MW), located 60 to 70 km offshore from Onsan Port in Ulsan. It is one of three offshore wind power complexes being developed off the coast of Ulsan with a total capacity of 1.5 gigawatts (GW) by Corio-TotalEnergies, a joint venture between offshore wind specialist Corio Generation and French global integrated energy company TotalEnergies.

The company plans to continue securing its position as a global leader in offshore wind power by leveraging the know-how accumulated through global offshore wind substructure projects.

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