Hanwha Ocean Co., Ltd.

Hanwha Ocean is the Okpo shipyard, rebadged. Founded in 1978 as Daewoo Shipbuilding and known for two decades as DSME, the company was bought out of creditor control by Hanwha Aerospace in 2023 and now sits inside a group that also owns the radars and combat systems that go on its ships. The commercial ship business is the volume engine. Hanwha Ocean delivered its 200th LNG carrier in February 2025, a figure no other yard has reached, and its back catalogue includes the first LNG regasification vessel, the first icebreaking LNG carriers for Arctic service, floating storage and regasification units, very large crude and gas carriers, and a 23,000 TEU container ship that held the size record when it was handed over. Zero emission gas carriers designed to move liquefied carbon dioxide, ammonia and hydrogen are the next line. The Okpo yard at Geoje operates some of the largest building docks anywhere, and a Singapore subsidiary opened in 2025 to sit nearer the operators who order production units.

Offshore is the second leg, and a lumpier one. The yard has delivered roughly 125 offshore units across FPSOs, floating production units, fixed platforms, onshore modules, drillships, semi-submersible rigs, jack-ups and offshore support vessels, including the world's first floating LNG facility for Petronas. Renewable energy work has grown out of the same halls, with wind turbine installation vessels ordered for Korean projects, among them the country's first vessel able to install 15 MW class turbines. The naval and special ship business is the one that draws defense buyers. Hanwha Ocean builds the KSS-III diesel-electric submarine, which pairs air independent propulsion with lithium-ion batteries and, in Batch 2 form, carries vertical launch tubes for ballistic missiles. It also built Jang Bogo class boats, the Nagapasa class delivered to Indonesia, Aegis destroyers, FFX Batch-II frigates, fast combat support ships and submarine rescue vessels. Hanwha Systems supplies much of the combat system and sensor content that goes aboard, which is part of why the group wanted the yard in the first place.

Maintenance is now a business in its own right. Hanwha Ocean signed a ship repair agreement with the US Navy in 2024 and took the first Korean MRO contract awarded under it, overhauling a dry cargo and ammunition ship. Alongside Hanwha Systems it bought Philly Shipyard for 100 million dollars in late 2024, renamed it Hanwha Philly Shipyard, and has committed billions to expanding the site, which is now building MR tankers and an LNG carrier for the group's own shipping arm. The company is pitching the KSS-III into Poland's Orka programme and Canada's patrol submarine competition, both with local MRO centers attached to the offer. Unmanned surface and underwater systems, smart yard automation and ship lifecycle services round out the portfolio. Hanwha Aerospace holds roughly 66 percent of the equity. Around 10,500 people work there.