SK Ocean Plant (SK Ocean Plant Co., Ltd.) announced that its sales for the second half of 2024 are expected to decline compared with the same period last year, yet profitability remains high, recording a profit margin of 11.3%. The company said that while domestic offshore wind projects are delayed, new contract volumes remain limited, so sales and profits in 2025 will likely shrink.
According to analysis data, SK Ocean Plant recorded sales of 170.48 billion won and operating income of 19.34 billion won for the second half of 2023, a decline of 29.1% from the previous year. This reflects that major offshore wind projects such as Daeman Power, Pyeongmi, etc., are following their scheduled timelines, so sales in the second half may fall. Excluding small tanker contracts, the company expects future large-scale offshore wind equipment to be recognized for revenue after 2028.
A company spokesperson said that delays in offshore wind projects affect new contract acquisition, and that to secure more business in the near future, the current situation must be clarified and domestic projects should be accelerated. He also emphasized that securing the first overseas contract in Europe is “meaningful beyond just domestic and Daeman” and expressed optimism about potential additional contracts later this year.
SK Ocean Plant expects new contracts to continue arriving for the first half of 2024, especially with large-scale offshore wind equipment, as more replacement projects are expected due to the aging fleet. This trend suggests that the company’s offshore wind division is expanding positively.
(Article written by Kang Kyung-ju, Haengy.com reporter)