HD Hyundai acquires Doosan’s Vietnam yard

HD Korea Shipbuilding & Offshore Engineering is acquiring Doosan Vina’s yard specialising in fabrication.

Doosan Vina yardCredit: HD Hyundai

HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the holding company of HD Hyundai Group, will acquire a 100% stake in Doosan Vina, the Vietnamese unit of Doosan Enerbility Co for $207.5 million. 

The deal gives HD KSOE control of Doosan Vina’s 111 Ha-industrial complex in Vietnam’s Dung Quat Economic Zone in Quang Ngai Province.

Founded in 2006, the facility specialises in the fabrication of desalination plants, boilers, process equipment and port cranes, equipment for desalination plants and modules for LNG projects, which have been mainly exported to customers in Southeast Asia and the Middle East. It operates its own port.

HD KSOE plans to turn the complex into a regional hub for independent cargo tanks and port cranes in Asia. Doosan Vira entered the shipbuilding business in 2008, quitting repair work entirely in 2011.

“With our expanded capacity to produce eco-friendly equipment, we will broaden our lineup of globally competitive green vessels and work to maximise profitability,” an HD KSOE official said.The self-supporting tanks, used to transport LNG and special gases, like LPG, ammonia and hydrogen, are expected to see stronger demand under tighter International Maritime Organization (IMO) rules on marine pollution.

Michele Labrut