WINDSEACON project update: drafting the new standard contract for offs...

WINDSEACON project update: drafting the new standard contract for offshore wind

Published: 11 September 2024

BIMCO's WINDSEACON project is making steady progress in developing a time charter party for supply of a vessel for the purpose of transportation and installation of offshore wind turbine generators.

Hear Pernille Korsager, Chairperson of our WINDSEACON Subcommittee, talk about our upcoming contract at the WINDSEACON Subcommittee meeting in August 2024.

WINDSEACON is a BIMCO initiative to create a comprehensive global standard contract for the transport and installation of wind turbines in offshore wind farms. The project aims to address the unique challenges and needs of the offshore wind industry, which is growing rapidly as a result of the global demand for more renewable sources of energy and the need for decarbonisation.

The project is led by a dedicated BIMCO subcommittee comprised of industry experts, representing various sectors including developers, vessel suppliers, turbine manufacturers, lawyers, and P&I clubs. The subcommittee is supported by a large sounding board of key market players, who will provide feedback and input throughout the drafting process.

The subcommittee has agreed on the scope and structure of the contract. The new WINDSEACON time charter party for supply of a vessel for the purpose of transportation and installation of offshore wind turbine generators will be the first of its kind. The subcommittee is currently in the process of drafting and expects to present its work for review by the Documentary Committee in October.

By providing a balanced and commercially viable standard contractual framework, WINDSEACON will make legal and commercial negotiations more effective and efficient, and reduce the risks and uncertainties involved in offshore wind projects. WINDSEACON will also reflect the collaborative spirit and the best practices of the industry stakeholders, and establish a solid foundation for the continuous evolution and growth of the offshore renewables sector.

You can follow the progress of this project and all our other current projects on the Insights and Information section or What We Are Working On page.

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