SK Ecoplant Sells SK Oceanplant for 410 Billion Won, Shifting Business Focus to AI and Semiconductors

Entire 35.62% Stake Sold to The Ocean Consortium
Proceeds to Be Used for Debt Repayment and Financial Restructuring

SK ecoplant has decided to sell its entire stake in its offshore wind power subsidiary, SK Oceanplant, for 410 billion won. Instead of maintaining a heavy focus on offshore wind power, the company will reorganize its business portfolio around semiconductors and artificial intelligence (AI) infrastructure, accelerating efforts to improve its financial structure.

On August 31, SK ecoplant announced that it had signed a Stock Purchase Agreement (SPA) with The Ocean Consortium for the sale of its entire 35.62% stake in SK Oceanplant. The transaction is valued at approximately 410 billion won. The deal involves 22,256,969 shares of SK Oceanplant owned by SK ecoplant. The transaction is expected to be completed within this year.

Once the transaction is finalized, The Ocean Asset Management will become the new largest shareholder of SK Oceanplant. The Ocean Asset Management formed a consortium with co-investors for the acquisition and has continued negotiations since being selected as the preferred negotiator last year.

SK Oceanplant is a company specializing in the manufacturing of substructures for offshore wind turbines and also operates in the shipbuilding and marine sectors. In 2021, SK ecoplant signed a contract to acquire management rights of Samkang M&T and completed the acquisition the following year. In 2023, the company changed its name to SK Oceanplant.

At that time, SK ecoplant aimed to establish a value chain encompassing everything from offshore wind power development to substructure manufacturing, as well as design, procurement, and construction. However, as the SK Group has recently refocused its business portfolio on AI and semiconductors, SK ecoplant has also been adjusting its business direction accordingly.

SK ecoplant is expanding into high value-added fields such as industrial gases and semiconductor materials and modules. Recently, the company has also pursued a merger with SK Ecoengineering to strengthen its capabilities in design and construction of semiconductor and advanced industry facilities.

The funds secured through this sale will be used mainly for the repayment of borrowings. Through this, the company aims to enhance its financial soundness while focusing its capabilities on establishing advanced facilities related to semiconductors and AI, as well as on semiconductor materials, industrial gases, and other AI infrastructure businesses.

SK ecoplant stated that it will continue to strengthen its business competitiveness centered on semiconductor and AI infrastructure, while also consistently improving its financial health.

The Ocean Asset Management, the new largest shareholder, plans to continue investment in SK Oceanplant's offshore wind power and shipbuilding businesses following the acquisition. The company also plans to pursue expansion of its manufacturing facilities in Goseong, South Gyeongsang Province, recruitment of local talent, and mutually beneficial initiatives with partner companies.

There have been concerns raised by the local community during the sales process. Since SK Oceanplant is a major business site in the Goseong region and a large-scale offshore wind power production base is being developed, there is significant public attention on whether investments and employment will be maintained after the change in the largest shareholder.

This content was produced with the assistance of AI translation services.