$299m wind exit: SK ecoplant sells offshore unit to refocus on AI and chips
SK ecoplant offloads its 35.62% stake in SK Oceanplant to a South Korean consortium for $299m to cut debt and pivot to.
South Korean industrial group SK ecoplant has finalized the sale of its 35.62% stake in offshore wind foundation manufacturer SK Oceanplant for $299 million (KRW 410 billion). The transaction, expected to conclude before year-end, transfers ownership to a consortium led by The Ocean Asset Management, with Osung Advanced Materials as a co-investor.
The agreement covers all 22.26 million shares held by SK ecoplant in SK Oceanplant, which operates from Goseong in South Gyeongsang Province. The company specializes in manufacturing substructures for offshore wind turbines, alongside broader offshore plant and shipbuilding activities.
Strategic shift for SK ecoplant: offshore wind sale
SK ecoplant originally acquired the business—then known as Samkang M&T—in 2022 before rebranding it as SK Oceanplant in 2023. The sale reflects a strategic pivot for the group, which plans to redirect proceeds toward debt repayment and investments in semiconductor and artificial intelligence infrastructure. This move signals a departure from its earlier focus on offshore wind manufacturing.
The Ocean Asset Management, set to become SK Oceanplant’s largest shareholder, has outlined plans to expand the company’s operations. Key commitments include developing a third manufacturing yard in Goseong, maintaining local employment, and strengthening partnerships with regional suppliers. The new owners aim to capitalize on South Korea’s growing offshore wind sector by scaling production capacity to meet rising demand for turbine substructures.
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