April 14, 2021, by Adnan Durakovic Japanese marine contractor Penta-Ocean Construction and DEME Offshore have signed a Memorandum of Agreement to establish a joint venture company to collaborate in the field of offshore wind construction in Japan. In March 2020, Penta-Ocean and DEME Offshore signed a memorandum of understanding to collaborate in the field of offshore wind power construction in Japan, and have been promoting technological exchanges. The two companies have now agreed to establish a joint venture company by June this year. The investment ratio will be 51 per cent by Penta-Ocean and 49 per cent by DEME Offshore. The new company will own a foreign-flagged offshore installation vessel upgraded to the one equipped with a 1,600t lifting capacity crane, which will be changed to a Japanese-flagged vessel by the spring of 2025.