SK ecoplant Sells SK Oceanplant for 410 Billion Won; New Owner Is Diocean [fn Market Watch]

[Financial News] SK ecoplant will sell its entire stake in its offshore wind substructure specialist subsidiary, SK Oceanplant, for 410 billion won. The breakup comes about four years after the company was brought under the group in 2022. The move reflects a decision to rebuild the business portfolio around semiconductors and artificial intelligence infrastructure, while using the proceeds to repay debt and improve the balance sheet.
According to the investment banking industry on the 31st, SK ecoplant signed a share purchase agreement with the Diocean consortium for its entire stake in SK Oceanplant. The shares to be sold total 22,256,969, representing a 36.62% stake. The deal is scheduled to close by December 2026. It took about a year of due diligence and price negotiations after the Diocean consortium was selected as the preferred bidder in September last year.
Price was the key issue. The per-share sale price in this deal is around 18,000 won. That falls below both the 30,000 won price SK ecoplant paid for the existing shares when it acquired the predecessor company, and the 20,000 won price for the new shares. The decline reflects a lower valuation benchmark as offshore wind projects were delayed and orders for substructures remained absent for an extended period.
Joo Won Ahn, a researcher at DS Investment & Securities, said, "The uncertainty that had weighed on the stock has disappeared, as the sale issue surrounding SK Oceanplant was officially raised in July last year and resolved about a year later." He added, "However, it is worth noting that the sale price is below the level paid at the time of the original acquisition."
The identity of the new owner is also drawing market attention. Ahn said, "The company that will actually take part in management after this sale is OSUNG Advanced Materials, which specializes in display materials." He added, "Since the real background behind the acquiring entity, Diocean, is former STX Group Chairman Kang Duk-soo, the possibility of changes to the business structure after the sale should be kept in mind."
After the acquisition, the Diocean consortium said it plans to develop SK Oceanplant into a key company linking Korea's offshore wind and shipbuilding industries. The core of that plan is the Goseong 3-yard site in Goseong County, South Gyeongsang Province, which has been designated as an opportunity development zone. The group aims to expand large-scale wind turbine and ship block production facilities and install advanced automation lines to secure cost competitiveness. It also proposed hiring local talent first, operating a shipbuilding technology academy and vocational training programs, and expanding partnerships with suppliers as part of a win-win strategy.
Local sentiment remains cautious. Concerns about restructuring and job insecurity have repeatedly surfaced as a private equity fund manager stands on one side of the acquisition structure. The Yangchon and Yongjeong General Industrial Complex in Goseong County, South Gyeongsang Province, the first opportunity development zone in the province, is a 1 trillion won offshore wind project. SK Oceanplant is developing a 1.57 million-square-meter site into a specialized offshore wind production base, and about 500 billion won has been invested so far. Another 500 billion won in additional investment, including upper facilities, remains. The project is about 60% complete, with completion targeted for the end of next year.
SK ecoplant, which will receive the sale proceeds, is accelerating its business overhaul. Over the past two years, it has strengthened high-value-added businesses such as industrial gases and semiconductor materials and modules. It also decided to merge with SK Eco Engineering to enhance its capabilities in ultra-precision equipment and infrastructure construction. The funds raised through this deal will be used first to repay debt.

[email protected] Kang Gu-gui Reporter