Japanese floating project needs to be postponed

Commercial operation of the project was originally scheduled for January 2024, but due to a delay in the construction process caused by the discovery of defects in the floating structure during construction, a request was made to revise the project's public occupancy plan. This was to delay the commissioning of the project to January 2026, which has now been approved by the Japanese government.

Toda Corporation has taken steps to rectify the defects in the two floating structures and has resumed construction work at the onshore shipyard. In addition, the company will conduct inspections on a floating structure already installed offshore to verify the presence of defects. One of the three floating structures installed off the coast of Sakiyama will be landed at the shipyard in Fukue Port, where the integrity of the floating structure will be checked. The further procedure regarding the remaining two structures will be announced afterwards.

The company has recorded the costs associated with the rectification of the defects as a loss for the financial year ending 31 March 2023.