TOYO CONSTRUCTION I INTEGRATED REPORT 2024Japan’s Seventh Strategic Energy Plan, approved by the Cabinet in February 2025, targets a 73% reduction in greenhouse gas emissions by 2040 and a renewable energy ratio of 40–50%. Offshore wind power is expected to be the trump card for renewable energy. At the same time, global inflation has pushed up the cost of materials and construction work, prompting the government to change public bidding rules and encouraging private companies to streamline business costs and expedite establishment of integral supply chains. In addition, since locations suitable for offshore wind power construction are limited in areas off Japan’s coast, the government is looking to utilize the waters of Japan’s exclusive economic zone (EEZ). As a designated engineering, procurement, and construction (EPC) company, we need to be able to respond with technologies specific for wind farm construction in high seas and deep water. Toyo Construction was one of the first in the industry to commission construction of a self-propelled multipurpose vessel AUGUST EXPLORER when self-propelled work vessels were rare in Japan. Since the vessel was launched in 2016, we have amassed good results in open seas, including areas within Japan’s EEZ. While other companies are building self-elevating platform vessels one after another, we decided to have a self-propelled, cable-laying vessel built, taking into account the development of our ocean technology and a track record with AUGUST EXPLORER, as well as market conditions and applicability not only to fixed-bottom offshore wind power installations but also to floating offshore wind power installations and marine businesses in general. Construction of the self-propelled, cable-laying vessel began at a Romanian shipyard in December 2023. Work is progressing smoothly toward launch in the first half of 2025 and completion With this thinking, the Toyo Construction Group will strive to develop construction technologies and build and expand value chains key to realizing and further expanding the offshore wind power construction business, thereby contributing to the nation’s goal of being a carbon-neutral society by 2050. Around 2012, Toyo Construction began directing offshore wind power-related efforts toward technologies, possible capital investments, and upcoming projects matched to corporate capabilities. In April 2021, we established the Offshore Wind Department within the Civil Construction Division, and in April 2024, we set up the Offshore Wind Division. We are now accelerating steps to turn the offshore wind power construction business into a driver of corporate growth. Looking to participate in related construction projects from fiscal 2027, we are focusing on capital investment, developing technology, constructing a business framework, and setting the stage for higher sales both domestically and internationally. in the first half of 2026. The goal is to put the vessel into service for offshore wind power construction operations slated to begin in earnest in 2027. The vessel will be capable of carrying out subsea cable installation in diverse ocean environments and suitable for both floating and fixed-bottom systems, as well as for a direct current (DC) power transmission business between Hokkaido and Tohoku. The vessel will further enhance our competitive excellence in marine construction for offshore wind farms. Also, to address soil conditions unique to Japan, Toyo Construction decided to purchase a trencher for burying subsea cables. Construction of this machine is also scheduled for completion in 2026. In combination with the self-propelled, cable-laying vessel, these assets will underpin our efforts to maximize cable installation technologies and reduce installation costs.To contribute to realizing a carbon-neutral society by 2050, the Toyo Construction Group is accelerating its efforts in the offshore wind power construction business, which has been tapped as a growth driver. Toyo Construction established the Offshore Wind Division in April 2024 to vigorously leverage enhanced asset composition specifically for this business, including building the self-propelled, cable-laying vessel as well as having a more developed technology portfolio and better trained human resources for the future. Teruhisa Izumi, General Manager of the Offshore Wind Division, is energetically leading the division and readily embracing challenges. The next few pages highlight his perspective on the division’s progress in promoting the offshore wind power construction business.Accelerating efforts to establish offshore wind power construction businessActive capital investment, including construction of world’s largest cable-laying vesselSpecial Feature 1: Offshore Wind Power Construction Business22Seeking top share in market for offshore wind power subsea cable construction
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