16 May 2024, Manila – The Philippine Government welcomed the new partnership between South Korean company HD Korea Shipbuilding & Offshore Engineering (HD KSOE) with US firm Cerberus Capital Management to lease a portion of the Subic shipyard in the Philippines, along with its facilities, to propel business in the production of offshore wind turbine substructures and provide ship repair services.

The Philippine government expects this partnership to provide a much-needed boost to the local economy in Subic as the company aims to develop the area into a maritime complex capable of manufacturing the substructures as well as ship blocks while also providing maintenance, repair and overhaul services through close cooperation with the Philippine government.

Philippine President Ferdinand Marcos Jr. welcomed HD Hyundai’s investment, saying that it “will not only open new doors for our offshore wind industry, but will also bring maritime manufacturing back to Subic, and eventually restore the glory days of shipbuilding to the Philippine shores.” He added that the investment will not only generate thousands of jobs, but also enable the transfer of critical skills, and improve the Philippines’ position in the global market.

HD KSOE CEO Kim Sung-joon, shared that they eventually aim to create a “state-of-the-art maritime complex” for various services while Cerberus Senior Managing Director Alexander Benard noted that this would “create substantial employment and bring back economic vitality to the Subic Bay area.”

HD KSOE, a South Korea-based shipbuilder and solution provider in heavy industry and energy sectors, will initially focus on the construction of offshore wind platforms. It is projecting to invest approximately US$550 million over 10 years and generate around 10,000 jobs within three to five years. END