Hanwha Ocean Co. is pouring 153.2 billion won ($116 million) into its US subsidiary through a rights offering, bolstering its American presence months after acquiring a Philadelphia shipyard.
The South Korean shipbuilder said the capital will flow through Hanwha Ocean USA Holdings to its operating unit Hanwha Ocean USA International. The US entity plans to use 29.3 billion won for working capital and allocate 123.9 billion won for securities investments.
This move follows Hanwha Ocean’s $100 million acquisition of the Philadelphia Shipyard in June, where it holds a 40% stake through Hanwha Ocean USA International. The remaining 60% is controlled by HS USA Holdings, a subsidiary of Hanwha Systems.
The fresh funding signals Hanwha’s commitment to expanding its shipbuilding footprint in the United States, where the company aims to capitalize on growing demand for commercial vessels and potential defense contracts. The investment comes as Asian shipbuilders seek to strengthen their global presence amid increasing competition in the maritime industry.
The transaction is expected to close by December 31, according to a regulatory filing in Seoul. Hanwha Ocean, formerly part of the Daewoo Shipbuilding & Marine Engineering group, was acquired by Hanwha Group in a deal completed earlier this year.
