Under a memorandum of understanding, Hanwha Ocean
will oversee offshore installations while Hyundai E&C manages onshore
construction, a division of roles expected to create strong synergies. Hanwha Ocean will also contribute to
localising key infrastructure by constructing its own wind turbine installation
vessel (WTIV). The self-built WTIV will be able to install 15MW offshore wind
turbines at the site in the first half of 2028.
The Shinan Ui offshore wind project, led by Hanwha
Ocean, is scheduled to secure financing and break ground in October. Hyundai
E&C will participate as a construction investor and co-contractor. The
two companies are currently jointly pursuing seven offshore wind projects and
have agreed to use Hanwha Ocean’s WTIV in upcoming domestic offshore wind
projects.