The memorandum of understanding (MOU) calls for bilateral collaboration in the construction and development of the envisioned wind farm and other local offshore wind farm projects.
In 2019, the authorities in the southeastern industrial city of Ulsan struck an MOU with Equinor on the construction of the 750-megawatt floating offshore wind farm in an area some 70 kilometers off the port.
The floating wind farm, which would be the world's largest when completed, is expected to provide enough electricity for all households in the industrial city.
POSCO E&C, the construction arm of South Korea's top steelmaker POSCO Holdings Inc., said it has been carrying out the conceptual design of an on-land transmission line since January this year in the run-up to the project.
"The MOU is expected to serve as an inflection point for POSCO E&C's offshore wind farm business," a senior company official said. "POSCO E&C will muster all its capabilities for the success of the project."
In April, POSCO E&C also signed an MOU on technological cooperation with DNV, a Norwegian ship quality assurance and risk management company.
