HD Korea Shipbuilding & Offshore Engineering (HD KSOE) said Wednesday it plans to establish a production base in the Philippines for its offshore wind power business, according to Yonhap news agency.
The South Korean shipyard announced the decision to lease part of the land and facilities at the Subic Yard in the Philippines for the production of offshore wind farm substructures and maintenance, repair and operations (MRO) businesses.
The announcement was made Tuesday at the Malacanang Palace, the official residence of the president of the Philippines, in the presence of President Ferdinand Marcos Jr.
Located 110 kilometers northwest of Manila in Subic Bay, the yard had been involved in shipbuilding since 2006 under South Korea’s Hanjin Heavy Industries, now renamed HJ Shipbuilding & Construction, until its suspension in 2019 due to a downturn in the industry.
It is currently owned by the U.S.-based private equity fund Cerberus Capital Management, and is also utilized by the Philippine Navy as a naval base.
HD Hyundai Heavy Industries, a subsidiary of HD Korea Shipbuilding, established a naval support center within the Subic Yard in 2022 for MRO operations for ships delivered to the Philippine Navy.
The Philippines is widely considered an emerging nation for establishing offshore wind power production bases, as it is at the center of the rapidly growing Asia-Pacific offshore wind market.
The company said it plans to develop the yard into a comprehensive maritime industry complex capable of producing offshore wind farm substructures and ship blocks, and providing repair services through cooperation with the Philippine government.
