HD Hyundai will sign a 10-year lease agreement with Aguila Subic, the operator of the shipyard, and invest a total of USD 550 million (approximately 763.2 billion KRW) to renovate the production facilities.
The Subic Shipyard is located 110 kilometers northwest of the capital, Manila. The facility was established in 2006 when Hanjin Heavy Industries purchased 300 hectares of land from a former U.S. Navy base. However, operations were halted in 2019 when Hanjin faced financial difficulties. In 2022, the shipyard, acquired by the U.S.-based private equity fund Cerberus Frontier, was opened to HD Hyundai for revitalization.
HD Hyundai plans to use 200 hectares of the site, while the remaining area will continue to be used by the Philippine Navy. The company aims to reach an annual production capacity of 10 ships within five years and provide employment for over 7,000 people.
In addition, the Subic Shipyard is planned to become a key production hub not only for shipbuilding but also for offshore wind platform projects.
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