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Samkang M&T Makes a Fresh Start as “SK oceanplant” ∙∙∙ The company is turbocharged by SK and spreads its “wings” to become a global offshore wind power specialist

“SK oceanplant, an offshore wind power solution provider, plants the future in the ocean”

  • Samkang M&T changed its name into SK oceanplant and is transforming itself into a top-tier offshore wind power specialist
  • “91% of sales have already been exported … We are confident of achieving 1 Trillion Won” said Seungchoel Lee, CEO of SK oceanplant
  • The company plans to maintain its presence in substructures of offshore wind turbines as well as to expand its operation into floating offshore wind power generation and offshore substations
  • SK ecoplant, the mother company, has a self-completing value chain from offshore wind power business development to production of core equipment and electrolysis. The company is expected to create synergy effects with SK oceanplant to be the first mover in the global markets for offshore wind power and green hydrogen
Members of SK oceanplant are posing for a photo in front of an offshore wind turbine jacket to be exported.

Samkang M&T, an offshore plant and shipbuilding specialist, changed its name into “SK oceanplant” and sets to grow quickly into a global top-tier offshore wind power solution specialist.

On January 31, the subsidiary of SK ecoplant disclosed that its name is changed into SK oceanplant and it adopted a new corporate identity (CI) and a future vision.

The name of SK oceanplant was made by combining the words of “ocean” and “plant”, representing the company’s ambition of planting the future in the ocean that has unlimited potential.

Under the new name, SK oceanplant suggested its vision to keep growing as the world’s best offshore wind power specialist.

Compared to onshore wind power, offshore wind power allows large turbines and scalable wind farms. Economies of scale enables rapid reduction of costs necessary for power generation. In offshore wind farms, there are no obstacles that can interrupt the wind flow. Unlike onshore wind farms that create noise or damage the landscape, offshore wind farms have better public acceptance, which is one of its advantages.  

This is the reason why it is expected the global offshore wind power generation market will grow fast. Actually, offshore wind power generation is forecast to increase significantly by 113.4% while onshore wind power is expected to grow only by 15.7% according to global outlook for wind power generation between 2021 and 2025(Source: Korea Development Bank (KDB) report on current status and industrial trends in wind power generation. February, 2022). The Global Offshore Wind Report (GWEC) also forecast offshore wind installations will be increased from 35 GW in 2020 to 270 GW and 2000 GW by 2030 and 2050 respectively.

SK oceanplant is showing strong performance. Especially, it has delivered consistently outstanding performance since it signed a sales and purchase agreement (SPA) with SK ecoplant in 2021 through which SK ecoplant invests in SK oceanplant. Its performance is also clear, with orders for 600 billion won worth of offshore wind power from Taiwan and the first export of offshore wind power jackets from Japan to Korea.

Since 2020 when SK oceanplant became Korea’s first exporter of substructures of offshore wind power, its financial performance has been improved remarkably. Its operating profit was in the red in 2019, but it started operating in the black with an operating profit of 29 billion won in 2020. As of September, 2022, its revenues reached 525.3 billion won, exceeding those of 2021. During the same period, its operating profit was 59.4 billion won, recording year-on-year growth that had more than doubled. As of 2021, export accounts for 91% of its revenues. This impressive financial performance is attributable to SK oceanplant’s excellence in manufacturing substructures of offshore wind power combined with increased trust it gains as a subsidiary of SK Group and SK ecoplant’s creation of offshore wind power-based green hydrogen value chain.   

SK oceanplant plans to expand its operation and global business hubs by leveraging its technology for substructures of offshore wind power that is globally competitive. Supported by its know-hows of localizing thick-walled *steel pipes in 2000 that Korea had to totally rely on import previously, the company also has a blue print to maintain its strong competitiveness in substructures of offshore wind power and to increase its operation into floating wind power generation and offshore substations including steel pipes and special-purpose ships. To achieve the goals, SK oceanplant is building a new plant for substructures of offshore wind power in Gosung, Gyeongnam Province. The company also plans to go public on a stock market (Kospi) moving from KOSDAQ to enhance its corporate value.

*steel pipes: Large industrial pipe made by bending a thick steel plate. SK oceanplant’s thick-walled steel pipe’s largest diameter is 10 meters and its thickest steel plate is 145 mm.

SK oceanplant is expected to increase synergy effects with its mother company, SK ecoplant. SK ecoplant is equipped with a self-completing value chain encompassing offshore wind power business development, production of core equipment and production of green hydrogen using electrolysis. SK oceanpant is the key pillar of SK ecoplant’s offshore wind power-based value chain for green hydrogen. Taking advantage of its engineering know-hows, SK ecoplant provides great EPC service and is capable of rapid business operation. SK ecoplant is expected to become a global energy company operating in the sectors of offshore wind power and green hydrogen with SK oceanplant.  

Seungcheol Lee, CEO of SK oceanplant, said, “Localized Korea’s first thick-walled steel pipes, export accounts for 91% of its revenues, Became Korea’s first exporter of substructures of offshore wind power,   we have grown into a world-class shipbuilding and marine specialist supported by its unique technology.” He continued, “Under the slogan of “Plant the Future in the Ocean”, we will strive to become the world’s best offshore wind power specialist as part of SK Group.”


SK ecoplant

The company is the environment and energy arm of SK Group and leading the group’s future ESG business as a global environmental and energy company. By integrating AI and digital transformation into its entire value chain of the environmental business, SK ecoplant is upgrading its business and accelerating expansion of its operation to the global market from its global operation base in Southeast Asia. It has grown rapidly in the renewable energy sectors including hydrogen, fuel cells, offshore wind power and photovoltaic power. Especially, SK ecoplant has a “self-completing” value chain for energy in the future encompassing production, distribution and usage. The company is competitive in all renewable sectors such as offshore wind power, photovoltaic power, hydrogen fuel cells, green hydrogen and green ammonia. For offshore wind power, SK ecoplant became Korea’s first to create a complete value chain covering business development, permits and licenses, manufacturing of structures, EPC and power generation. Expanding its operation into floating offshore wind power, the company strives to develop independent technologies and complete a competitive supply chain. It is also committed to ESG-oriented management for sustainable growth, leading the efforts to solve global environmental and energy issues and achieve a circular economy for zero waste and net zero.

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