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Hanwha buys Keppel’s stake in Dyna-Mac


Posted on May 15, 2024

South Korean conglomerate Hanwha Group has acquired Keppel’s entire holding in Singapore-based fabricator Dyna-Mac for S$100m ($73.8m).

The deal will see Hanwha subsidiaries Hanwha Ocean, the yard formerly known as Daewoo Shipbuilding & Marine Engineering, take a 21.52% stake in Dyna-Mac, while Hanwha Aerospace will own 2.39%.

Dyna-Mac is a well-known maker of FPSO, FSO and FSRU topside modules. It has two fabrication yards in Singapore and joint ventures and collaborations with yards in Malaysia, China and the Philippines.

Last year, the fabricator moved to secure additional yard facilities to address the spikes in FPSO module fabrication demand in a memorandum of understanding with fellow offshore vessel operator and marine engineering services provider Kim Heng, giving it an option for two yards with a combined waterfront of 205 m and in January this year, it secured access to yard facilities of about 4.5 hectares along Gul Road with the acquisition of Exterran Offshore.

In April this year, the company secured its largest-ever contract, taking its orderbook to a record $663m.


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