Singapore, November 20 — The Competition and Consumer Commission of Singapore (CCCS) has approved South Korea’s Hanwha Group’s acquisition of Dyna-Mac Engineering Services for S$607.5 million (US$450 million). The CCCS confirmed that the deal does not breach Singapore’s Competition Act, paving the way for Hanwha to secure full ownership of the shipbuilding and offshore engineering company. The transaction is expected to close by the end of 2024.
Hanwha Group currently owns a 25.4% stake in Dyna-Mac and plans to acquire the remaining shares through its subsidiaries Hanwha Ocean and Hanwha Aerospace. The acquisition will be carried out by Hanwha Ocean SG Holdings, a Singapore-based special purpose vehicle. Founded in 1990, Dyna-Mac is a leading player in offshore engineering and construction, with shipyards in Singapore and partnerships across China, Malaysia, and the Philippines.
The CCCS assessed the transaction under Section 54 of the Competition Act, which prohibits mergers that could significantly reduce market competition. It concluded that Hanwha’s acquisition of Dyna-Mac poses no competition concerns.
The S$607.5 million (US$450 million) acquisition gives Hanwha complete control of Dyna-Mac, allowing the conglomerate to strengthen its offshore engineering and shipbuilding capabilities. The deal is expected to close by late 2024.
Dyna-Mac specializes in engineering, procurement, construction, and commissioning for offshore modules, including FPSOs, FSOs, FLNGs, and FSRUs. This acquisition aligns with Hanwha’s ambitions to expand its offshore capabilities globally.
With shipyards in Singapore and partnerships in China, Malaysia, and the Philippines, Dyna-Mac enhances Hanwha’s operational footprint in Asia-Pacific.
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This acquisition highlights growing demand in offshore energy sectors, particularly for liquefied natural gas (LNG) and floating energy solutions. It positions Hanwha as a major player in the global offshore construction industry.
Hanwha’s acquisition of Dyna-Mac marks a significant milestone in the offshore engineering sector. For Singaporeans, this deal strengthens the local shipbuilding industry’s global relevance, while international players can anticipate intensified competition and innovation in offshore solutions.
South Korea’s Hanwha Group has secured approval from the Competition and Consumer Commission of Singapore (CCCS) to acquire Dyna-Mac Engineering Services for S$607.5 million (US$450 million). The deal, expected to close in late 2024, enhances Hanwha’s offshore engineering capabilities and highlights Singapore’s role in the global energy and shipbuilding sectors.
Source: Baird Maritime (2024)
Keywords: Hanwha Acquisition, Shipyard Purchase, Singapore Approval
