Equinor, Korea National Oil Corporation (KNOC) and Korea East-West Power have agreed to develop a 200MW floating offshore wind farm 58km off the coast of the city of Ulsan.
The consortium recently held a signing ceremony in Ulsan, which is situated in the south-eastern region of South Korea for the Donghae 1 project.
The developers plan to construct the Donghae 1 wind farm near the Donghae gas field.
A feasibility study based on the augmented data collected by Korea Petroleum Corporation, which owns the Donghae gas field platform, has been conducted.
Construction work is expected to start in 2022.
Earlier this year, KNOC and Equinor signed a memorandum of understanding for the project.