Hanwha Ocean sets up subsidiary in Singapore to strengthen offshore business

Hanwha Ocean CI

South Korea’s Hanwha Ocean has established an investment subsidiary in Singapore to reinforce its offshore business, positioning itself to secure a leading role in the expanding offshore plant market. According to Hanwha Ocean’s semi-annual report released on Thursday, the company founded Hanwha Ocean SG Holdings in June to enhance its competitiveness in offshore production facility construction.

This move is part of Hanwha Ocean’s broader strategy to increase its global offshore business footprint. In May, Hanwha Ocean acquired a 21.5 percent stake in Singaporean shipbuilder Keppel’s subsidiary, Dyna-Mac Holdings, for about 91 billion won ($66.8 million).

The establishment of Hanwha Ocean SG Holdings signals the company’s intention to use Singapore as a base to gain dominance in the global offshore plant industry. A representative from stated,

“Singapore, home to companies like Keppel with strong offshore plant construction capabilities, offers many business opportunities. We established the investment company to proactively pursue these opportunities and consider future investments,” said a Hanwha Ocean spokesperson.