Hanwha Ocean has established new subsidiaries in South Korea and Singapore to support its offshore business.
According to industry sources on 16 March, the company decided at a board meeting late last year to establish a new Singapore subsidiary for its Offshore Business Unit and a domestic subsidiary for Wind Turbine Installation Vessel operations. Both entities have recently completed their establishment.
A company official said the domestic WTIV operating subsidiary is intended to secure an early position in South Korea’s offshore wind market, while the Singapore subsidiary will serve as an execution-focused organisation for global projects.
Hanwha Ocean’s offshore business covers offshore facilities, including FPSOs and WTIVs. In November last year, the company absorbed its Energy & Infrastructure division, which handled onshore plants and wind farms, and reorganised the business into the Energy Plant Unit.
A key part of the company’s offshore structure is Hanwha Offshore Singapore, formerly Dyna-Mac Holdings, an offshore plant topside structure specialist acquired in 2024. Under a multi-yard strategy, hulls are produced at the Geoje shipyard and topside structures are manufactured in Singapore for final assembly.
In the domestic market, Hanwha Ocean has positioned offshore wind as a future growth area. Last year, it delivered two WTIVs early to Cadeler, bringing its total WTIV deliveries to four. Last month, the company also received an order for one WTIV worth KRW 768.7 billion from affiliate Ocean Wind Power 1, with delivery planned for the first half of 2028.
The company is reviewing the deployment of the vessel for the Shinan-ui offshore wind project and other domestic offshore wind projects. The Shinan-ui project, for which Hanwha Ocean signed an EPC contract last year, involves construction of a 390 MW offshore wind farm in waters southeast of Ui-do, Shinan-gun, Jeonnam, with completion targeted for 2029.
