[비즈한국] The acquisition of SK Oceanplant143090 by the TheOcean Asset Management (TheOcean) consortium is facing delays. TheOcean and its parent company, SUM Global, are staffed by close associates of former STX Group Chairman Kang Duk-soo. Some are cautiously speculating that if the TheOcean consortium succeeds in acquiring SK Oceanplant, the former chairman may return to management. However, as the acquisition process stalls, there are also predictions that the deal could ultimately fall through.
In September of last year, SK Oceanplant announced that it had selected the TheOcean consortium as the preferred bidder for the sale of its largest shareholder's stake. SK Oceanplant initially stated that it expected to finish due diligence and contract signing by October of last year. However, the contract date was pushed to January of this year and has recently been delayed again until April.
TheOcean's largest shareholder is SUM Global. While the specific shareholder composition of SUM Global has not been disclosed, it is known to be deeply connected to former Chairman Kang Duk-soo, as the company is staffed by his close associates. Kang's second daughter, Kang Kyung-rim, serves as an auditor for SUM Global, and his wife, Bae Dan, is listed as an internal director. Kang Sun-ok, the CEO of SUM Global, is a former secretary to the former chairman.
Because of this, some are cautiously raising the possibility that Kang Duk-soo might return to management after the TheOcean consortium acquires SK Oceanplant. Although the former chairman was sentenced to three years in prison with four years of probation for embezzlement and breach of trust, he received a special pardon in 2022. Since then, he has not been directly involved in management activities.
SK Oceanplant is a company specializing in offshore wind power, shipbuilding, and plant construction located in Goseong-gun, Gyeongsangnam-do. Samkang M&T, the predecessor of SK Oceanplant, was acquired by SK Ecoplant in 2022. SK Oceanplant contributes significantly to the economy of Goseong-gun, where its headquarters is located. The local community in Goseong-gun fears that a change in SK Oceanplant's largest shareholder will lead to reduced investment in the county. For this reason, there is strong opposition in Goseong-gun to the sale of SK Oceanplant.
The Goseong County Council adopted a resolution opposing the sale of SK Oceanplant last October. The council stated, "(Goseong-gun) has provided full support, viewing the company as a key driver of regional economic growth through the offshore wind industry, including the creation of the Yangchon-Yongjeong Industrial Complex and the 'SK City' concept, after attracting SK Oceanplant in 2023," adding, "SK Ecoplant's attempt to sell its stake just three years after the acquisition is an irresponsible act that abandons its promise of mutual growth and trust with the local community."
The council further added, "This causes massive setbacks to the offshore wind production base project, designated as the first Opportunity Development Special Zone in Gyeongsangnam-do, and the SK City plan. Uncertainty surrounding a total investment of 1 trillion won and a general economic downturn have led the majority of the 700 employees at SK Oceanplant's headquarters to oppose the sale, and representatives of all partner companies have joined this opposition, fueling growing anxiety among internal staff and partners alike."
SK Ecoplant's recent financial situation is not favorable. According to its quarterly report, SK Ecoplant's total liabilities increased by more than 1 trillion won in one year, from 11.1126 trillion won at the end of September 2024 to 12.1525 trillion won at the end of September 2025. Consequently, SK Ecoplant has been moving to sell non-core assets. In the securities industry, the prevailing view is that SK Ecoplant will push ahead with the sale of SK Oceanplant despite opposition from Goseong-gun to improve its financial structure.
Ahn Joo-won, an analyst at DS Investment & Securities, analyzed, "Local governments are showing opposition, and the private equity fund that participated as a financial investor in the TheOcean consortium has also withdrawn, weakening their cohesion. However, as discussions on the sale of SK Oceanplant have been ongoing to improve SK Ecoplant's financial structure, it is not easy to conclude whether the sale will proceed."
SK Oceanplant's recent performance is on an upward trend. SK Oceanplant's revenue grew by 45.69% from 662.6 billion won in 2024 to 965.4 billion won in 2025, and operating profit increased by 42.38% from 41.8 billion won to 59.5 billion won during the same period. As performance is rising, SK Ecoplant can expect a high selling price for SK Oceanplant, which could be a significant help to its finances. For TheOcean and former Chairman Kang Duk-soo, acquiring an company with rising performance promises a bright future.
However, as the acquisition process by the TheOcean consortium drags on, the prospect that the deal might fall through is becoming equally significant. If the deal fails, it will be difficult for the former chairman to regain his past glory for the time being. An official from SK Ecoplant stated, "Since this is an ongoing matter, it is difficult to provide a separate opinion."