General – Newbuilding
Hanwha Ocean has been awarded an Engineering, Procurement, and Construction (EPC) contract for the Shinan Ui offshore wind project in South Korea.
The contract will be executed in collaboration with Hyundai Engineering & Construction.
Under the agreement, Hanwha Ocean will be responsible for procuring subsea cables, foundation components, and offshore installation works.
Offshore construction will be supported by a newbuild jack-up vessel of the GustoMSC NG-16000X design, which is currently under construction at Hanwha Ocean. This vessel design is comparable to Cadeler’s M-Class installation vessels and is designed to support large-scale offshore wind construction.
The Shinan Ui offshore wind project is being developed by a consortium comprising Korea Midland Power, Hyundai Engineering & Construction, SK Eternix, and Hanwha Ocean, with Hanwha Ocean also participating on the owner side of the project. The wind farm is expected to have an installed capacity of approximately 399 MW.
The project represents a significant shift in project responsibility and risk allocation within the South Korean offshore wind market. Hanwha Ocean is expanding its role beyond that of a traditional shipyard to become a vessel operator, EPC contractor, and project owner, reflecting a broader transformation of its business model.
