South Korean conglomerate Hanwha Group recently announced that it plans to fully acquire Singapore Sembcorp Marine's high-end offshore Shipyard Jurong Shipyard for 420 million Singapore dollars (about 310 million US dollars) in cash. This transaction marks Hanwha's accelerated layout of the global Marine engineering market, causing shock in the Asia-Pacific Marine industry.

Founded in 1990 and listed on the main board of the Singapore Exchange, Dyna-Mac specialises in the engineering, procurement, construction, onshore pre-commissioning and commissioning of offshore modules and units such as FPSO, FSO, FLNG and FSRU. Dyna-Mac owns two shipyards in Singapore.

Hanwha Group Chairman Kim Seung-youn said, "By integrating Jurong Shipyard's deep-water equipment construction capabilities, Hanwha will quickly enter the high-end market such as FPSO (floating production, storage, unloading), FLNG (floating liquefied natural gas) and offshore wind energy installation vessels, and create synergy between the group's hydrogen energy and ammonia fuel storage and transportation businesses."

"Hanwha's global presence in the clean energy sector will bring orders for LNG/ hydrogen powered vessels to Jurong Shipyard and help Singapore achieve carbon neutrality by 2050," said Wong Keng Hui, CEO of Sembcorp Marine.