Daewoo Shipbuilding Reborn as Hanwha Ocean: "Will Become a Global Marine and Energy Company"

Temporary General Meeting of Shareholders and Board Meeting Completed
Kwon Hyuk-woong Appointed as CEO of Hanwha Ocean

Hanwha Group has finalized the acquisition of Daewoo Shipbuilding & Marine Engineering. Daewoo Shipbuilding & Marine Engineering will be newly launched under the name 'Hanwha Ocean.'

At the extraordinary general meeting of shareholders held on the morning of the 23rd, Daewoo Shipbuilding & Marine Engineering resolved all agenda items, including the amendment of the articles of incorporation to change the company name to 'Hanwha Ocean Co., Ltd.' and the appointment of nine new directors.

Hanwha, through five affiliates including Hanwha Aerospace, Hanwha Systems, Hanwha Impact Partners, and two subsidiaries of Hanwha Energy, invested approximately 2 trillion KRW in a paid-in capital increase, securing 49.3% of Hanwha Ocean's shares and becoming the major shareholder.

Thus, about six months after signing the main contract on December 16 last year, Daewoo Shipbuilding & Marine Engineering will start anew as 'Hanwha Ocean,' an affiliate of Hanwha Group.

Kwon Hyuk-woong was appointed as the CEO of Hanwha Ocean. Additionally, Kim Jong-seo and Jung In-seop were appointed as inside directors. Kim Jong-seo will serve as the head of the Merchant Ship Division, and Jung In-seop will oversee the Geoje plant. Kim Dong-kwan, Vice Chairman of Hanwha Group, was appointed as a non-executive director and will participate in management.

Vice Chairman Kim Dong-kwan will support the rapid normalization of Hanwha Ocean's management and the expansion into overseas markets. He encouraged the company to grow into a global leader in marine and energy industries through 'management with integrity' and 'talent development.'

New CEO Kwon Hyuk-woong addressed employees in a CEO letter, stating, "The employees of Ocean have the resilience to build a world-class company on Okpo Bay, and Hanwha has a growth story of leading core businesses through synergy with capable companies via numerous M&As. Based on Hanwha Ocean’s strength of a technology-centered excellent culture, we will nurture it into a sustainable eco-friendly technology company and a global company capable of realizing stable profits with world-class competitiveness."

He added, "The 'Ocean' in Hanwha Ocean signifies 'sustainability' and 'challenge.' With the ocean, which accounts for 95% of the unexplored area, as our stage, let us embark together on the great journey toward becoming a 'global marine energy leader' through our pioneering spirit and continuous innovation," and urged "a belief in coexistence that values fundamentals and respects and cares for each other."