Hanwha Ocean hints at entering drilling business

Hanwha Ocean, a South Korean manufacturer specializing in ships and LNG plants, has recently registered two trademarks for new entities, hinting at its expansion into maritime energy development, according to industry sources, Friday.

The registration of these two trademarks -- Hanwha Drilling and Hanwha Haeun (the direct romanization of the Korean term for "shipping") -- indicates the company’s intention to broaden its scope from ship and maritime plant construction to maritime energy development, drilling equipment manufacturing and energy distribution.

"Currently, Hanwha Ocean is exploring various options to establish a drilling business as part of its mid to long-term business strategy," said an official from Hanwha Ocean. "Specific timelines and strategies have not yet been finalized."

Hanwha Ocean was formerly known as Daewoo Shipbuilding & Marine Engineering before its acquisition by Hanwha Group -- the country’s seventh-largest conglomerate -- in 2022. The company officially rebranded as Hanwha Ocean in May 2023.

The official elaborated that plans for the drilling business have been in development since the company's integration into the group. He said Hanwha Haeun is likely to operate energy distribution entities that could deliver energy resources produced by the group's other energy-related subsidiaries.

"While the new trademarks have not yet been determined as official business names, the company chose to register them preemptively."