DSME is involved in the construction of various vessels Credit: william william on Unsplash.

South Korea-based Hanwha Group has reached an agreement to acquire Daewoo Shipbuilding & Marine Engineering (DSME).

The deal follows the signing of a tentative agreement in September this year.

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It enabled Hanwha’s affiliates, including Hanwha Aerospace, to acquire a 49.3% interest and management rights in Daewoo Shipbuilding for $1.53bn.

With this deal, Korea Development Bank’s stake in DSME will be reduced to 28.2%.

According to the regulatory filing, the deal still awaits the clearance of foreign competition regulators, including in the European Union (EU), Japan, China and Singapore.

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At the start of this year, the EU turned down the plans of Hyundai Heavy Industries to acquire Daewoo due to various concerns.

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DSME, which is a shipbuilding and offshore contractor, is engaged in the construction of various vessels, offshore platforms and FPSO/FPUs.

With an area of 4.9 million m2, the company’s shipyard is situated at Okpo Bay, Geoje Island.

The shipyard is claimed to house the world’s largest dock with a million-ton capacity. It is optimised for the construction of motor vessels using advanced equipment, including a 900 tonne goliath crane.

Furthermore, the company offers shipbuilding technologies, fixed-platform construction capacities, large-scale project management know-how, as well as submarine/destroyer construction technologies.

This year in September, DSME secured a contract worth nearly $425m (KRW595.9bn) for the construction of two liquefied natural gas (LNG) carriers.