South Korean shipbuilder Hanwha Ocean will dissolve an offshore joint venture between Singapore-based shipbuilder Dyna-Mac Engineering Services and China Merchants Heavy Industry (CMHI) following Hanwha Ocean's earlier announced acquisition of Dyna-Mac.
The dissolution of the DM-CMHI Heavy Industry (Jiangsu) joint venture is part of Hanwha Ocean's shift to a Singapore-centric global production structure and a reduction of its direct operations in China.
DM-CMHI Heavy Industry (Jiangsu) was established in 2020 with a registered capital equivalent to US$1.5 million. CMHI and Dyna-Mac contributed US$735,000 and US$765,000, respectively, with shareholding ratios of 49 per cent and 51 per cent, respectively.
The joint venture had served customers in mainland China and was primarily engaged in topside integration and other procurement, construction, operation and maintenance businesses.
With the Hanwha Group completing the acquisition of Dyna-Mac and under the leadership of new management, Hanwha Ocean Singapore (as Dyna-Mac is now known) is currently reviewing all existing partnerships and alliances to ensure alignment with the Hanwha Group's growth goals and strategic direction, according to Hanwha Ocean President of Offshore Philippe Levy.