South Korea's Daesun Shipbuilding and Engineering has completed the sale of its primary shipyard at Yeongdo in Busan to marine equipment manufacturer Hanla IMS.
The sale was part of a financial restructuring undertaken by Daesun, which had been incurring mounting debt over the last few years of its operations.
Hanla emerged as the winning bidder for the acquisition of the Yeongdo facilities, having proposed a bid value equivalent to US$74 million. The proceeds will go to the repayment of Daesun's outstanding debt, thus completing the restructuring that began in 2023.
Hanla's acquisition of the Yeongdo yard is part of its expansion into vessel maintenance, repair and overhaul activities.
With the divestment of its primary yard, Daesun said it will now focus on the construction of hull segments, superstructures, and other ship components as a subcontractor of other local builders.
Daesun will consolidate its activities at its yard in Dadaepo, which is also in Busan and is located just 13 kilometres away from Yeongdo.