By Kwanwoo Jun
Daewoo Shipbuilding & Marine Engineering on Tuesday changed its name to Hanwha Ocean and appointed Kwon Hyuk-woong as its new chief executive officer.
Kwon previously served as heads of several affiliates under Hanwha Group, a South Korean defense, technology and energy conglomerate.
Hanwha Group has become the new owner of Daewoo Shipbuilding after acquiring a 49.3% stake in the ailing shipbuilder from a state lender via a 2 trillion won ($1.52 billion) rights issue.
The shipbuilder, which has been under a prolonged debt-rescheduling program since 2001, posted a KRW1.745 trillion net loss for 2022.
Hanwha Group is tasked with turning around the loss-making shipbuilder and reducing its heavy debt.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
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