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Indebta > Investing > Daewoo Shipbuilding & Marine Engineering Changes Name to Hanwha Ocean
Investing

Daewoo Shipbuilding & Marine Engineering Changes Name to Hanwha Ocean

News Room
Last updated: 2023/05/23 at 11:52 PM
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By Kwanwoo Jun


Daewoo Shipbuilding & Marine Engineering on Tuesday changed its name to Hanwha Ocean and appointed Kwon Hyuk-woong as its new chief executive officer.

Kwon previously served as heads of several affiliates under Hanwha Group, a South Korean defense, technology and energy conglomerate.

Hanwha Group has become the new owner of Daewoo Shipbuilding after acquiring a 49.3% stake in the ailing shipbuilder from a state lender via a 2 trillion won ($1.52 billion) rights issue.

The shipbuilder, which has been under a prolonged debt-rescheduling program since 2001, posted a KRW1.745 trillion net loss for 2022.

Hanwha Group is tasked with turning around the loss-making shipbuilder and reducing its heavy debt.


Write to Kwanwoo Jun at kwanwoo.jun@wsj.com


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News Room May 23, 2023 May 23, 2023
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