Delivery Ceremony Held for Self-Propelled Cable-Laying Vessel "DISCOVERY"

On June 26, Toyo Construction Co., Ltd. (President and Representative Director: Tatsuyuki Nakamura; headquarters: Chiyoda-ku, Tokyo; hereinafter "the Company") held a delivery ceremony for its newly constructed self-propelled cable-laying vessel at the shipyard of Norwegian shipbuilder VARD.

The ceremony was attended by representatives from the Company and the VARD Group, who celebrated the successful completion of the vessel.

Self-Propelled Cable-Laying Vessel "DISCOVERY"

Ceremony Highlights

**************************Comments from Mr. Nakamura, President of Toyo Construction***************************

I am deeply honored to celebrate this milestone together with VARD and all other stakeholders who have contributed to making "DISCOVERY" a reality. As we prepare for full-scale operations in Japan, we will continue our commitment to creating long-term value for our customers, business partners, and society at large.

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***************************Comments from VARD's Representative**************************

We at VARD are proud to deliver this state-of-the-art, highly capable vessel to Toyo Construction Co., Ltd.

This vessel represents the culmination of strong collaboration, combining the expertise of Toyo Construction, ClassNK, and the VARD Group to fully comply with Japanese classification and flag requirements while integrating advanced engineering, design flexibility, and specialized knowledge.

"DISCOVERY" is the largest cable-laying vessel in Japan. Equipped with a removable cable-laying system and two offshore cranes, it offers exceptional flexibility for a wide range of offshore operations.

We extend our deepest gratitude to everyone who has tirelessly contributed to completing this innovative project. We also extend our heartfelt congratulations to Toyo Construction Co., Ltd. on receiving their new vessel.

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Meaning Behind the Name "DISCOVERY"

The name "DISCOVERY" embodies a clear philosophy reflecting the evolution of the Company's marine business. If the Company's multipurpose self-propelled vessel "AUGUST EXPLORER" (delivered in 2016) symbolizes an explorer seeking unknown possibilities, then "DISCOVERY" represents a vessel that finds and secures definitive solutions. Together, these two vessels mark a new phase in the Company's marine operations.

Vessel Capabilities and Construction Performance

"DISCOVERY" is Japan's largest self-propelled cable-laying vessel, designed and built to meet Japan's complex and demanding offshore conditions. It features a cable tank with a total capacity of 9,000 tons—the largest in Japan—enabling continuous execution of large-scale, high-difficulty laying operations. The vessel is also equipped with an automatic positioning system (DP Class 2), ensuring safe and highly precise cable laying operations even under rapidly changing sea conditions.

Furthermore, the vessel can switch between Cable Laying Mode and Construction Mode, providing scalability to meet future market demands, including mooring installations for floating offshore wind farms and the construction of submarine HVDC power transmission networks.

Future Roadmap

In the offshore wind market, where long-term growth is expected, establishing an operational framework capable of reliably responding to market developments ahead of time is a key competitive advantage. The vessel will now embark on a three-month voyage to Japan, followed by final domestic outfitting in preparation for local operations. In March of this year, the Company signed an agreement to designate Ishikari Bay New Port as the vessel's home port, demonstrating its commitment to coexistence and mutual prosperity with local communities. The Company will steadily advance its market entry process, building a fully prepared operational framework capable of deploying to project sites at any time.

Business Statement and Keyword "Connextion"

The completion of this vessel marks more than just an expansion of equipment. For the Company, it signifies the beginning of a new business phase—fully applying decades of accumulated marine civil engineering expertise and knowledge to core processes in the construction and installation of offshore wind power facilities. At this milestone, the Company has consolidated its vision for establishing offshore wind power in Japan as reliable social infrastructure through the following statement and the keyword "Connextion."

First, unlocking the ocean's potential and contributing to the future: generating new energy from previously untapped seas, and building a sustainable future on a global scale that extends beyond offshore wind construction.

Second, contributing to industry through "new connections": starting with the state-of-the-art cable-laying vessel "DISCOVERY," the Company will reliably connect with diverse players, take on critical roles in key processes, and function as a trusted business partner supporting the entire value chain.

Third, realizing bonds and work styles that future generations can be proud of: under the leadership of world-class vessels that enable new ways of working, the Company will join hands with like-minded colleagues to connect this work and the sea to a future filled with hope.

"Connextion" is a coined term combining "Connection" and "next." It expresses the Company's promise to create new connections for future generations within the offshore wind sector, and its vision to unlock the vast potential hidden within the oceans and connect them to a hopeful future.

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