Hanwha Ocean expands offshore construction presence

Hanwha Ocean has reinforced its marine construction business by entering the offshore wind power market and hiring a foreign expert from a global offshore equipment provider, the Korea Times reports citing the shipbuilding company.

Earlier this month, Hanwha Ocean decided to acquire the offshore wind power business from Hanwha Corp.’s E&C division and the plant construction business from the Global division of the group’s de facto holding company.

Based on its ability to build offshore wind turbine installation vessels (WTIVs), Hanwha Ocean expects the acquisition to help improve its capabilities in basic design and comprehensive project management related to offshore wind farms.

The company also anticipates the completion of its value chain in the offshore wind power business, which ranges from business development to power generation and sales.

Hanwha Ocean plans to provide total services related to the offshore wind power business, including construction, transportation, installation and maintenance of WTIVs, substructures and offshore substations.

In this regard, the shipbuilder increased its investments in the offshore wind power business last December to 300 billion won ($216 million) from 200 billion won, through a paid-in capital increase.

“We will develop offshore products related to hydrogen and ammonia production, storage and transportation,” a Hanwha Ocean official said. “We aim to become a global innovator that not only maximizes competitiveness inherent in the shipbuilding industry, but also provides solutions to political and environmental problems, spearheading a paradigm shift in the maritime industry.”

On April 1, Hanwha Ocean appointed former SBM Offshore Americas President Philippe Levy to lead its offshore business division.

The appointment is part of Hanwha Ocean's shift from traditional shipbuilding to a comprehensive range of services encompassing engineering, procurement, construction, installation, and operation. This transition positions the company as a provider of diverse products, such as floating production storage and offloading (FPSO) units, along with floating liquefied natural gas (FLNG) facilities.

Hanwha Ocean highlighted Levy's extensive experience, including a 25-year tenure at SBM Offshore and as an executive adviser for China National Offshore Oil Corp. (CNOOC) in Guyana, where he advised a joint venture involving ExxonMobil, Hess and CNOOC on strategies for FPSO and liquefied natural gas.

“Based on his experience, he is expected to be a key catalyst for our company’s transformational journey going forward,” the Hanwha Ocean official said.