DSME to Make Fresh Start as Hanwha Ocean

Daewoo Shipbuilding & Marine Engineering (DSME), which has become an affiliate of Hanwha Group, will be reborn as Hanwha Ocean on May 23.

DSME held an extraordinary board meeting on May 8 and decided to propose an amendment to its articles of incorporation including the change of its corporate name and the appointment of internal and external directors at an extraordinary general meeting of shareholders on May 23.

The amendment to the articles of incorporation will also change the company’s name from DSME to Hanwha Ocean.

This means that DSME will change its name again 45 years after being acquired by Daewoo Group in 1978.