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Hanwha Solution (picture = Hanwha Solution) |
[Alpha Biz= Reporter Kim Jisun] Hanwha Group is investing 600 billion KRW to acquire a controlling stake in Dynamac Holdings, a Singapore-based company specializing in floating offshore structures.
The acquisition is part of Hanwha's strategy to expand its offshore plant business by leveraging Dynamac’s expertise in topside structure manufacturing.
On the 12th, Hanwha announced a public tender offer for Dynamac Holdings' shares. The acquisition will be executed through Hanwha Aerospace and Hanwha Ocean via a special-purpose company (SPC) called SG Holdings, based in Singapore. The goal is to secure 100% ownership, with an investment exceeding 600 billion KRW. The offer price has been set at 0.6 Singapore dollars (approximately 616 KRW) per share. Earlier this year, Hanwha Ocean acquired 23.1% of Dynamac for 97.9 billion KRW in March, followed by Hanwha Aerospace purchasing a 3.96% stake for 17.6 billion KRW.
Founded in 1990, Dynamac Holdings specializes in manufacturing topside structures for offshore plants. It operates two production facilities in Singapore and is recognized for its expertise in building Floating Production Storage and Offloading (FPSO) units and Floating Liquefied Natural Gas (FLNG) facilities. In the first half of this year, Dynamac posted 266.6 billion KRW in revenue and 39.8 billion KRW in net profit.
The offshore plant market, particularly for extracting crude oil and LNG at sea, is rapidly growing, with an estimated 83 FPSO units expected to be ordered by 2030, alongside rising prices. Last year, Hanwha Ocean generated 977.1 billion KRW in revenue from the offshore plant sector, accounting for 13.2% of its total sales of 7.4 trillion KRW.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
