Hanwha Ocean "Achieves 1 Trillion KRW Sales in Wind Power and Plant Business This Year"

Hanwha Ocean announced on the 4th that it aims to achieve sales of 1 trillion KRW this year in the wind power generation and plant businesses transferred from Hanwha Corporation.

Hanwha has secured a pipeline of 2.3GW in the wind power generation business. The company explained that combining Hanwha Ocean's wind power turbine installation vessels and offshore substation capabilities to complete the offshore wind power value chain would be sufficiently profitable.

[Image source=Hanwha]

The plant business's sales in 2023 are 680 billion KRW, with an order backlog of 950 billion KRW. It has secured captive (affiliate) volumes in chemicals, power generation, and industrial/environment sectors. The company stated that by securing excellent EPC (Engineering, Procurement, and Construction) personnel for plants, it can enhance competitiveness and efficiency by utilizing cycles between onshore and offshore plants in the future.

The company explained, "The price of this transfer transaction was calculated based on value assessments objectively and professionally evaluated by accounting firms appointed respectively by Hanwha Corporation and Hanwha Ocean," adding, "Hanwha Ocean has sufficient financial capacity through capital increase and internal working capital."