SK ecoplant sells SK Oceanplant for KRW 410 billion

en.Wedoany.com Reported - On August 31, SK ecoplant signed a Share Purchase Agreement (SPA) with a consortium led by The Ocean Asset Management to sell all 22,256,969 shares it holds in SK Oceanplant, representing a 35.62% stake, for KRW 410 billion. Osung Advanced Materials participated in the acquisition as a co-investor. Upon completion of the transaction, The Ocean Asset Management will become the largest shareholder of SK Oceanplant, with the closing scheduled to be completed by the end of 2026.

This transaction has already entered the formal definitive agreement stage and is not a preliminary sale. The Ocean Asset Management was selected as the preferred negotiation party for the sale of SK Oceanplant shares in September 2025, and has since continued to advance transaction negotiations with SK ecoplant. Following the signing of this SPA, SK ecoplant will exit its shareholding in SK Oceanplant, with the KRW 410 billion corresponding to its entire 35.62% stake, rather than the overall corporate valuation of SK Oceanplant.

SK Oceanplant, located in Goseong, South Gyeongsang Province, is primarily engaged in offshore wind foundation structures, marine engineering, and shipbuilding. The company was formerly known as Samkang M&T. SK ecoplant acquired control of the company in 2021, subsequently incorporating it into its offshore wind manufacturing business and renaming it SK Oceanplant in 2023. SK Oceanplant reported consolidated sales of KRW 170.484 billion and operating profit of KRW 19.344 billion for the second quarter of 2026; as of the end of June, its order backlog stood at approximately KRW 1.11 trillion.

SK Oceanplant is currently still executing offshore wind foundation structure orders. In July, the company secured an order for large offshore substation foundation structures for a 2.2GW offshore wind project in the German North Sea; in May, it was also selected as the preferred negotiation party for the supply of floating foundation structures for a Korean floating wind project. The company's offshore wind foundation structure business achieved sales of KRW 325.6 billion in 2025, accounting for approximately one-third of total sales that year.

The new shareholder side stated that it will continue to invest in SK Oceanplant's offshore wind business after the transaction is completed, and will advance the expansion of the Goseong production base, including the third plant site. SK ecoplant, meanwhile, plans to use the proceeds from this share sale primarily for debt repayment. After completing its exit from SK Oceanplant, the company's investment focus will further concentrate on semiconductor manufacturing facilities, AI infrastructure, semiconductor materials, and industrial gas businesses.

On the day the share transaction agreement was signed, SK Oceanplant also announced a new shipbuilding order, signing a contract with a Greek shipowner for the construction of six 115,000 DWT Aframax tankers, with options for two additional vessels; the six confirmed orders are valued at approximately KRW 5.9 trillion and are scheduled for delivery between 2029 and June 2030. This order and the share sale represent two separate business milestones, and SK Oceanplant's existing offshore wind, marine engineering, and shipbuilding orders will continue to be executed by the company.