Hanwha Announces Hanwha Ocean Launch

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Hanwha announced the launch of its latest affiliate, Hanwha Ocean, as it looks to expand its footprint in global marine energy solutions and shipbuilding. This follows its successful acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) and further strengthens its position as a comprehensive energy solutions provider.

At an extraordinary shareholders’ meeting held on May 23, the shareholders voted in favor of all items on the agenda, launching the shipbuilder under the new name Hanwha Ocean Co., Ltd. The company appointed Hyek Woong Kwon as CEO alongside nine new board directors.

Five affiliates of Hanwha Group — Hanwha Aerospace, Hanwha Systems, Hanwha Impact Partners, and two subsidiaries of Hanwha Energy – became major shareholders of Hanwha Ocean, taking a combined stake of 49.3% through new shares worth 1.5 billion USD (2 trillion KRW).

“With their numerous strengths, the employees at Hanwha Ocean have built the company into a world-class leader at Okpo Bay, while Hanwha has a robust track record of delivering growth in key business areas by creating synergy and amplifying the strengths of newly acquired companies,” said Hanwha Ocean CEO Hyek Woong Kwon. “Leveraging Hanwha Ocean’s foundational culture of pursuing technological excellence, we aim to become a globally competitive company that delivers steady growth with a focus on sustainable and eco-friendly technology.”

Vice Chairman of Hanwha Group Dong Kwan Kim expressed his support for Hanwha Ocean’s rapid expansion and extension into overseas markets, encouraging Hanwha Ocean to grow into a leading marine energy solutions company through responsible management and advanced human resource development.

With the new launch, Hanwha Ocean will help expand Hanwha’s green energy ecosystem by focusing on eco-friendly and digital technology. In addition to its unrivaled expertise in commercial ships such as LNG carriers, the company will continue to develop new low- and zero-carbon solutions that can power the energy transition. Furthermore, it will leverage Hanwha’s strengths and expertise in transportation, materials, and energy to create new synergies and expand its markets.

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