Hanwha Ocean Co., Ltd. (Korean: 한화오션; RR: Hanhwa Osyeon), formerly known as Daewoo Shipbuilding & Marine Engineering (DSME; Korean: 대우조선해양; Hanja: 大宇造船海洋; RR: Daeu Joseon Haeyang), is one of the "Big Three" shipbuilders of South Korea, along with Hyundai and Samsung.
History
Aerial view of Daewoo Shipbuilding & Marine Engineering in August 2017
"Big Blue" statue at the former DSME headquarters, 2015
On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the then record holder; the Mærsk E-class at 15,200 containers.[3] The contract is worth $1.9bn.[4] The first was to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn.[4] The new class is called the Triple E class.
On December 20, 2011, Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build three Indonesian submarines.[5] It also would mark the first exports of submarines from South Korea.[6]
The firm built 15 icebreakingLNG carriers commissioned by Yamal LNG which are used to export liquefied natural gas from the Russian Arctic. The ice class Arc7 Yamalmax ships are designed to operate year-round from the Yamal Peninsula and to break ice up to 1.5 m (4.9 ft) thick when sailing bow first and up to 2.1 m (6.9 ft) thick in astern direction. The tankers were designed in Finland by Aker Arctic Technology Inc.[7][8]
The South Korean Board of Audit and Inspection found ₩1.5 trillion (equivalent to ₩1.53 trillion or US$1.35 billion in 2017)[9] of accounting fraud in DSME's books on 15 June 2016.[10] In July, 2016, shares in DSME were suspended from trading, and were announced to be suspended until at least September 28, 2017.[11] After suffering losses of Won3.3tn in 2015 and Won2.7tn in 2016, it was given a ₩2.9 trillion (US$2.57 billion) government loan in March 2017 to prevent bankruptcy.[12]
In 2017, it was uncovered that North Korea may have hacked the company and stole company's blueprints in April 2016.[13]
In December 2022, Hanwha Group announced that it would acquire a controlling 49.3 percent stake in Daewoo Shipbuilding & Marine Engineering worth 2 trillion won (US$1.5 billion). The deal was supported by the Korea Development Bank in an attempt to improve competition in the Korean shipbuilding industry.[14]
On 29 August 2024, Hanwha Ocean won an MRO contract for the USNS Wally Schirra, the US Navy's auxiliary ship, and 3 months of maintenance work will take place at the Geoje Shipyard from 2 September 2024.[16][17]
