As private equity firm D'Ocean Asset Management prepares to acquire SK Ocean Plant, Gyeongsangnam-do and Goseong County have begun discussions on measures for coexistence with the local community. Against the backdrop of continued local resistance, the key question is whether existing investment and employment commitments can be honored and whether the impact on the local economy can be minimized.
According to Gyeongsangnam-do on October 11, the province and Goseong County are in talks with D'Ocean Asset Management on coexistence measures across six areas, premised on the sale of SK Ocean Plant. In particular, they are taking the position that the 950 billion won investment in the Yangchon and Yongjung districts and the plan to create 3,600 jobs, as stipulated in the investment agreement signed in April 2024, must be implemented even after the acquisition.
Starting in early September, shortly after SK Ocean Plant's sale announcement, Goseong County began discussions on coexistence measures while demanding that D'Ocean Asset Management honor the existing investment agreement. To date, the two sides have agreed on employment succession for SK Ocean Plant employees, preferential transactions with local businesses in Goseong County, priority hiring of local residents with bonus points in recruitment, and other measures.
Support measures in the education sector were also discussed. D'Ocean Asset Management proposed deploying native English teachers at Donghae Elementary School in Donghae-myeon, where SK Ocean Plant is located, and supporting overseas study trips for students to develop it into a globally specialized maritime school. Goseong County also accepted D'Ocean Asset Management's plan to donate scholarships to the local community.
However, disagreement remains over measures to encourage employees commuting from other areas to settle in Goseong County. The overall coexistence agreement has not been finalized, as the two sides have failed to reach agreement on concrete measures to encourage workers commuting from Changwon and Tongyeong to reside in the area.
Separately from the coexistence discussions, D'Ocean Asset Management must submit an implementation plan for investment and employment to Gyeongsangnam-do by October 16. The plan is expected to include investment and employment measures following the acquisition of SK Ocean Plant, as well as future business and contract plans.
SK Ocean Plant's significance to the region
The reason Gyeongsangnam-do and Goseong County are responding sensitively to the sale lies in SK Ocean Plant's weight in the local economy. SK Ocean Plant, a SK Group affiliate engaged in offshore wind substructure and shipbuilding and plant businesses, recorded 965.4 billion won in sales in 2025 and directly employs over 700 people. It is the largest company in Goseong County, which has a population of less than 50,000, and approximately 2,000 employees belong to some 30 partner companies.
The company is also the core developer of the Yangchon and Yongjung districts in Donghae-myeon, Goseong County, which the government designated as Gyeongsangnam-do's first opportunity development special zone in June 2024. The project involves creating the world's largest offshore wind substructure production base. Gyeongsangnam-do and Goseong County have been pushing forward support projects worth 167.2 billion won, including improvements to National Route 77, construction of access roads, and creation of employment-linked housing. They also provided support for licences for transmission line installation and public water reclamation.
For this reason, concerns have persisted over the impact of the equity sale on the local development project. Gyeongsangnam-do and Goseong County pointed out that if the sale materializes, the opportunity development special zone project, which was 60 percent complete at the time, could face delays, and employment succession for workers and contract maintenance with partner companies could become uncertain. They also raised concerns about the possibility of the special zone designation being revoked.
Timeline of the acquisition
SK ecoplant, the largest shareholder of SK Ocean Plant, announced on September 1, 2025 that it had selected the D'Ocean Asset Management consortium as the preferred bidder for the sale. Subsequently, on August 31, SK Ocean Plant announced that SK ecoplant would sell all 35.62 percent of its stake held to D'Ocean Asset Management for 410 billion won. The equity transfer is planned to be completed by the end of December, and once the transaction is finalized, D'Ocean Asset Management will become the largest shareholder.
Original Korean article: sentv.co.kr
English brief by Korea Wind Intelligence, koreawindintel.com
