Draft:HD Korea Shipbuilding & Offshore Engineering

HD Korea Shipbuilding & Offshore Engineering traces its origins to the shipbuilding operations established in 1972 under the Hyundai Group. Over time, the shipbuilding division was reorganized into a holding company structure to improve operational efficiency and centralize strategic management. Following the restructuring of HD Hyundai (formerly Hyundai Heavy Industries Group), the company became the sub-holding entity responsible for overseeing the group's shipbuilding subsidiaries.

In the early 2000s, disputes over succession emerged among the sons of Chung Ju-yung, the founder of Hyundai Group. While the main rivalry was between the second son, Chung Mong-koo, and the fifth son, Chung Mong-hun, the sixth son, Chung Mong-joon separated from the wider conglomerate and assumed control of its heavy industries business.^[2]

In 2002, the company formally split from Hyundai Group and formed the Hyundai Heavy Industries Group.^[3] That same year, Hyundai Heavy Industries acquired [HD Hyundai Samho|Samho Heavy Industries] from the [Halla Group] and later renamed it Hyundai Samho Heavy Industries.^[4]

In 2016, amid mounting financial losses, the company implemented a major restructuring plan agreed upon with its creditors. As part of this restructuring, Hyundai Heavy Industries was divided into four companies. Shipbuilding, offshore engineering, and industrial plant construction remained as its core businesses, while the electrical systems, construction equipment, and robotics divisions were spun off into separate entities.^[5][6]

In 2019, Hyundai Heavy Industries signed an agreement with Korea Development Bank to acquire Daewoo Shipbuilding & Marine Engineering (DSME), one of the world's largest shipbuilders and a major competitor. To facilitate the transaction, the company established Korea Shipbuilding & Offshore Engineering (KSOE) as an intermediate holding company. Under this structure, KSOE became the surviving entity, while the operational shipbuilding activities were transferred to a newly created company. The deal required antitrust approval from several jurisdictions, including China, the European Union, Japan, Kazakhstan, Singapore, and South Korea. Although approvals were obtained from China, Kazakhstan, and Singapore, the transaction ultimately collapsed after the European Union blocked the merger. KSOE has since remained the intermediate holding company overseeing HD Hyundai Heavy Industries (HHI) as well as HD Hyundai Mipo (HMD) and HD Hyundai Samho (HSHI).^[7][8][9]

In late 2025, HD Hyundai Heavy Industries and HD Hyundai Mipo completed a merger aimed at strengthening their global shipbuilding competitiveness. The merger, approved in August 2025 and finalized in December 2025, resulted in HD Hyundai Heavy Industries continuing as the surviving entity, combining HD Hyundai Mipo's expertise in mid-sized vessels with HHI's large-scale shipbuilding capabilities.^{[10][11][12][13]}

The company focuses on engineering, research and development, and strategic management, while its subsidiaries handle ship construction.

Its core business areas include:^[1]

• Shipbuilding (LNG carriers, container ships, oil tankers)
• Offshore plants and marine energy facilities
• Engine and machinery manufacturing
• Gas and environmental systems
• Eco-friendly propulsion systems

KSOE also plays a key role in developing next-generation technologies such as low-carbon vessels and smart ships.

Major subsidiaries:

• HD Hyundai Heavy Industries
• HD Hyundai Samho
• HD Hyundai Marine Engine

Together, these companies form one of the largest shipbuilding groups in the world.

Other subsidiaries:

• HD Hyundai Energy Solutions
• HD Hydrogen
• HD Hyundai Asia Holdings
• Ulsan HD Football Club

• HD Hyundai
• Shipbuilding
• Offshore engineering