[Heavy Industry ON] Beyond Shipbuilding, Into 'the Entire Ocean'... Hanwha Ocean Expands Maritime Business in Line with Its Name

Leads Shinan Ui offshore wind development and equipment manufacturing

Name embodying "Sustainability and Challenge" takes shape in business

Expands into offshore plants, shipping, and the U.S. market

Hanwha Ocean is expanding beyond shipbuilding into the broader maritime sector. It has broadened its business portfolio to include offshore wind farm development, offshore plants, shipping, and maintenance of U.S. naval vessels. The vision of becoming an integrated maritime company, reflected in its name when it launched in 2023, is taking shape in concrete businesses just over three years later.

Artist's rendering of the Sinan Ui offshore wind farm. Hanwha Ocean

According to Hanwha Ocean on October 31, the company is leading development, permitting, investment attraction, and engineering, procurement and construction (EPC) for the Shinan Ui offshore wind project, which has a total project cost of KRW 3.4 trillion and a capacity of 390 MW. It is carrying out the EPC work with Hyundai Engineering & Construction, with Hanwha Ocean's share of the contract valued at KRW 1.9716 trillion. The company is also responsible for building the offshore substation and a 15 MW-class wind turbine installation vessel, worth approximately KRW 800 billion. The vessel is scheduled for delivery in the first half of 2028 and will initially be deployed at the Shinan Ui wind farm. In effect, one company is covering everything from wind farm development to key facilities and installation equipment.

The idea behind a shipbuilder venturing into wind farm development is reflected in the name chosen when the company launched. The name Hanwha Ocean emerged during Hanwha Group's acquisition of Daewoo Shipbuilding & Marine Engineering. According to the company, following the signing of the main acquisition agreement in December 2022, the acquisition task force, comprising around 20 executives, held meetings twice a day and discussed a new name for several months before settling on "Hanwha Ocean."

At the company's launch on May 23, 2023, then-CEO Kwon Hyuk-woong said in a letter to employees that "ocean represents sustainability and challenge." The name expresses the company's ambition to develop environmentally friendly energy businesses across the oceans and to foster a pioneering spirit and drive for innovation in seas where as much as 95% of the area remains unexplored. The businesses Hanwha Ocean is expanding into today can be understood through these two words.

The Seohui, the second Jangbogo-III Batch-II submarine being built by Hanwha Ocean, during sea trials. Hanwha Ocean

The sustainability pillar is built around clean energy facilities. The company expanded its offshore equipment supply capabilities by acquiring Singapore-based offshore plant company Dyna-Mac, and received approvals in principle from Norway's classification society DNV and the American Bureau of Shipping (ABS) for its low-carbon standard design for floating production, storage and offloading (FPSO) facilities.

The decarbonization of shipping follows the same direction. Hanwha Ocean secured the capability to produce engines for large vessels through Hanwha Engine, and is jointly developing turbines with Hanwha Power and others for an ammonia gas turbine-propelled liquefied natural gas (LNG) carrier, which has received basic approval. The company also entered the maritime transport of energy, including LNG, by establishing Hanwha Shipping, and uses its own vessels to demonstrate clean technologies.

The challenge pillar is about venturing into uncharted territory. Hanwha Ocean expanded its maritime structures expertise into digital infrastructure by receiving ABS basic approval for the design of a 60 MW floating data center (FDC). Building on its experience constructing Jangbogo-I, Jangbogo-II and Jangbogo-III submarines, it established the "Jangbogo N Development Team" and is working to secure specialists in nuclear propulsion systems.

An LNG carrier built by Hanwha Ocean. Hanwha Ocean

Its ambitions extend beyond Korean waters. Hanwha Ocean acquired Philly Shipyard in the United States, securing a local production base for commercial vessels and naval ships, and is building a track record in maintenance, repair and overhaul (MRO) work for U.S. Navy vessels.

Hanwha Ocean plans to bring to Philly Shipyard the smart yard technology proven at its Geoje facility. The company uses a digital production center to manage work processes and block locations, and is developing autonomous welding technology in which artificial intelligence (AI) identifies and assesses welding areas.

A Hanwha Ocean representative said, "As the meaning of 'ocean' in our name suggests, we are expanding beyond shipbuilding into businesses across the maritime sector, including offshore wind, offshore plants, shipping and digital infrastructure. Building on the technological capabilities we have developed in Geoje, we will grow into a 'Global Ocean Solution Provider' that leads the clean energy and future maritime markets."

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