Hyundai Heavy Industries – $39.32bn

Headquartered in Ulsan, Republic of Korea, Hyundai Heavy Industries (HHI) provides engineering, manufacturing, installation and financial services for the marine, industrial and energy sectors.

HHI operates its businesses through 10 divisions – Shipbuilding, Offshore and Engineering, Industrial Plant and Engineering, Engine and Machinery, Electro Electric Systems, Construction Equipment, Green Energy, Financial Services, Oil Refining, and Others.

The Shipbuilding unitdesigns and manufactures crude oil and chemical tankers, product carriers, liquefied natural gas and liquefied petroleum gas carriers, submarines, destroyers, frigates, general cargo ships, bulk carriers, semi-rigs and naval ships.

The Offshore and Engineering segment develops oil and gas fields, produces and installs drilling facilities, and provides other engineering, procurement and construction services. The division caters towards floating units, fixed platforms, pipeline and subsea facilities, offshore installations and land-based modules.

The Industrial Plant and Engineering division provides project management services during the execution phase, constructingoil and gas power plants, refineries and petrochemical facilities, mainly in the Middle East and Africa.

The Engine and Machinery unit manufactures and markets several engines and ancillary products for ships, diesel power plants, industrial and marine pumps, hydraulic machinery, and industrial robots. It is the largest marine diesel engine builder, with a global market share of around 36%.

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The Electro Electric Systems division provides electrical solutions for power generation, transmission, and distribution. Products produced includetransformers, high and low voltage circuit breakers, switchgears, rotating machinery, as well as integrated control and monitoring systems, power electronics and marine electrical equipment.

The Construction Equipment division makes hydraulic excavators, wheel loaders, industrial lift trucks, forklifts and skid steer loaders through its state-of-the-art automated manufacturing facilities in Korea, China, India and Brazil.

The Oil Refining unit manufactures refinery equipment and supplies high-quality petroleum products to 2,300 gas stations nationwide, as well as abroad.

The Green Energy segment provides services to renewable energy plants, while the Financial Services department offers security brokerage, asset management, corporate finance and leasing services, and runs hotels and football clubs.

The company also operates research and development centres in Korea, North America, Asia, Europe, and the Middle East. It has 15 overseas offices and 26 affiliates.

“Hyundai Heavy Industries generated sales of $39.32bn in 2015.”

Financial Performance

Hyundai Heavy Industries generated sales of $39.32bn in 2015, dropping 12.1% from 2014. The operating loss of the company was $1.55bn in 2015 compared to $2.872bn in 2014. Its net loss was $1.148bn in 2015 versus $1.505bn 2014.

Key Competitors

HHI’s key competitors include Doosan Heavy Industries & Construction, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, Samsung C&T Corporation, Hyosung Corporation, STX Heavy Industries, Siemens, Caterpillar, McDermott International, and SeteBrasilParticipacoes.

Latest Developments

In January 2016 HHI, along with Saudi Aramco, the National Shipping Company of Saudi Arabia (Bahri) and Lamprell Energy, signed a memorandum of understanding (MoU) to jointly develop the BahriRas Al-Khair Maritime Complex in Saudi Arabia.

HHI signed a MoU with General Electric (GE) in March 2016 to develop a combined gas turbine electric and steam package (GOGES) for LNG carriers and containerships.

HHI completed the type approval testing for its next generation CLEAN HiMSEN (Hi-Touch Marine and Stationary Engine) engines before eight major classification societies, including ABS, DNV/GL, LR and KR, in September 2015.