Hanwha completes acquisition of DSME

Hanwha Group has completed the acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) and renamed it Hanwha Ocean. DSME’s operating loss reached 1.6 trillion won last year, up from 1.7 trillion won in the previous year. Hanwha has previously established a network of companies dealing with renewable energy and plans to leverage DSME’s established LNG production, transportation, and supply infrastructure, along with its wind turbine installation vessels, to strengthen its position as a global green energy utility provider.

Through the acquisition, Hanwha aims to build a green energy value chain that produces both land- and ocean-based renewable energy that can be shipped globally. The move will help Hanwha establish itself as a provider of green energy solutions.

Seung Youn Kim, Chairman of Hanwha Group, stated in his New Year’s message that the company will continue to research and develop its core businesses, including finance, construction, chemicals, and services, while also working on forward-thinking businesses such as aerospace, green energy, and digital finance to deliver tangible results that meet market and customer expectations.

Hanhwa Group has already established companies dealing with renewable energy, including Hanwha Solutions, Hanwha Energy, Hanwha Corporation/E&C, Hanwha Corporation, Hanwha Impact, and Q ENERGY. The acquisition of DSME will allow Hanwha to use its established LNG production, transportation, and supply infrastructure to help build a green energy value chain.

Hanwha Executive Vice President Kwon Hyuk-woong has been appointed as the CEO of the shipyard. Hanwha aims to leverage DSME’s well-established infrastructure to strengthen its position as a global power utility provider.


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