PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
SK Oceanplant has shown a steady rise in quarterly operating margin as offshore wind substructure revenue expands its share, while a new shipbuilding contract with a Greek shipowner broadens its business portfolio.
2025 revenue reached a record 965.4 billion won with a 6.2% operating margin, and owner net income recovered to 37.8 billion won.
Quarterly operating margin rose for four consecutive quarters, from 6.5% in Q2 2025 to 11.3% in Q2 2026.
In August 2026 the company signed a contract with a Greek shipowner for six Aframax crude tankers worth about KRW 600 billion (up to KRW 800 billion with options), marking a new entry into commercial shipbuilding.
The government selected five projects totaling 1,786MW in the H1 2026 offshore wind auction and unveiled a roadmap to supply over 4GW annually through 2035, totaling 55GW.
Permitting and military coordination delays on projects such as Anma offshore wind remain a variable for revenue recognition timing.
SK Oceanplant is an integrated offshore and shipbuilding company centered on offshore wind substructure fabrication. Its core businesses are offshore wind substructures (jackets and monopiles) and offshore substation (OSS) structures, supplied to projects in Korea as well as Taiwan and Germany.
The special-purpose vessel segment builds naval and government vessels for state and military orders, while the merchant vessel and MRO segment has handled ship repair and conversion. The portfolio also includes thick-walled steel pipes and offshore plant equipment and repair services.
Domestic brokerage reports rate SK Oceanplant as the largest offshore wind substructure fabricator in Asia. In August 2026, the company signed a contract with a Greek shipowner for six 115K-class Aframax crude tankers, with an option for two more, expanding into the newbuild tanker market.
These vessels will be built at its Goseong shipyard in South Gyeongsang Province and delivered sequentially between 2029 and 2030.
Its customer base is diversifying to include domestic power generation utilities and private developers, Taiwan offshore wind projects, the Baltic Eagle/Wind 5 HVDC offshore substation project in the German North Sea (contracted with Singapore's Seatrium), and the newly secured Greek shipowner.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩240.6B | ₩15.6B | 6.5% |
| 2025Q3 | ₩293.2B | ₩19.3B | 6.6% |
| 2025Q4 | ₩174.5B | ₩13.7B | 7.8% |
| 2026Q1 | ₩174.7B | ₩16.9B | 9.7% |
| 2026Q2 | ₩170.5B | ₩19.3B | 11.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩691.8B | ₩71.9B | ₩22.3B | 10.4% | 4.3% | 132.0% |
| 2023 | ₩925.8B | ₩75.6B | ₩57.5B | 8.2% | 8.3% | 104.9% |
| 2024 | ₩662.6B | ₩41.8B | ₩16.4B | 6.3% | 2.3% | 99.3% |
| 2025 | ₩965.4B | ₩59.5B | ₩37.8B | 6.2% | 4.6% | 41.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
SK Oceanplant's annual revenue rose from KRW 691.8 billion in 2022 to KRW 925.8 billion in 2023, fell to KRW 662.6 billion in 2024, and then expanded again to a record KRW 965.4 billion in 2025.
Operating profit fluctuated alongside revenue, at KRW 71.9 billion (10.4% margin) in 2022, KRW 75.6 billion (8.2%) in 2023, KRW 41.8 billion (6.3%) in 2024, and KRW 59.5 billion (6.2%) in 2025.
Owner net income rose from KRW 22.3 billion in 2022 to KRW 57.5 billion in 2023, fell to KRW 16.4 billion in 2024, and recovered to KRW 37.8 billion in 2025. Operating cash flow in 2025 was negative KRW 39.8 billion, reflecting increased work-in-progress related assets during a period of revenue expansion.
The balance sheet improved markedly, with the debt ratio falling from 132.0% in 2022 to 104.9% in 2023, 99.3% in 2024, and 41.0% in 2025.
On a quarterly basis, revenue rose from KRW 240.6 billion with an operating margin of 6.5% in Q2 2025 to KRW 293.2 billion with a 6.6% margin in Q3 2025, after which revenue scaled down but margins improved noticeably.
Revenue and operating margin were KRW 174.5 billion and 7.9% in Q4 2025, KRW 174.7 billion and 9.7% in Q1 2026, and KRW 170.5 billion and 11.3% in Q2 2026, marking four consecutive quarters of margin improvement.
In Q2 2026, offshore wind revenue of KRW 106.0 billion accounted for 62% of total sales while special-purpose vessels contributed KRW 46.0 billion or 27%, a sharp mix shift from a year earlier when special-purpose vessels made up about half of quarterly revenue.
Korea's offshore wind market is growing around a government-led fixed-price competitive auction system.
In the H1 2026 auction, the Ministry of Climate, Energy and Environment received bids for nine projects totaling 3,656MW and selected five projects totaling 1,786MW, the first time the competition ratio has exceeded 2-to-1 since the system was introduced in 2022.
Fixed-bottom offshore wind alone accounted for 1,254MW selected, exceeding the prior year's full-year total of 689MW. Around the same time, the government unveiled a mid- to long-term roadmap to supply more than 4GW annually, totaling 55GW, through the auction market from 2026 to 2035.
Most of the selected projects in this auction presented plans to use domestic supply chains for substructures, power cables, and installation work excluding turbines, creating a favorable environment for domestic substructure fabricators such as SK Oceanplant.
However, the selection of a project using a turbine from a company licensed with a Chinese Goldwind-affiliated firm raised industry concerns about the effectiveness of supply-chain policy.
Meanwhile, in the commercial vessel segment, global tanker orders surged to 407 units in H1 2026, up about 193% year-on-year, with deliveries more than doubling to 238 units, though analysts note that the surge in orders could translate into increased vessel supply from around 2028-2030, potentially pressuring freight rates and vessel prices over the long term.
The company has described its 2026 offshore wind business as standing at the intersection of policy tailwinds and explosive demand, while noting that a delay in construction at the Anma offshore wind project originally scheduled for the second half will moderate growth somewhat versus initial expectations.
Steel cutting is proceeding on Taiwan's Formosa 4 project, and steel cutting for the Anma offshore wind substructures is reportedly set to proceed in stages starting in 2026.
In Europe, the company expanded its customer base by signing a substructure fabrication and supply contract worth about KRW 160.5 billion with Singapore's Seatrium for the Wind 5 HVDC offshore substation project in the German North Sea.
In August 2026 it entered the newbuild tanker market by winning an order for six Aframax crude tankers worth about KRW 600 billion from a Greek shipowner, a deal that could grow to about KRW 800 billion if both option vessels are exercised.
Factoring this in, the company said its order backlog of KRW 1,107.2 billion as of end-June 2026 could expand to roughly KRW 2 trillion. The company stated it plans to pursue additional order opportunities in the European commercial vessel market building on its cooperation with the Greek shipowner.
In offshore wind, efforts to broaden the order base into Europe continue alongside existing projects in Korea and Taiwan.
SK Oceanplant's shares are assessed as trading at a level that reflects a premium to net asset value, a pattern that coincides with the marked improvement in its balance sheet since 2025, including a sharply lower debt ratio and a recovery in owner net income without a loss year.
The dividend yield remains below the sector average as the company has not recently paid a separate cash dividend.
Brokerage target prices vary by timing: KB Securities set a target price of KRW 25,000 with a Buy rating in a May 2026 report, and Mirae Asset Securities maintained the same KRW 25,000 target with a Buy rating that same month.
Meritz Securities raised its target price from KRW 26,000 to KRW 30,000 with a Buy rating in a May 2026 report. These reports cited margin improvement from a growing offshore wind revenue mix as the main basis for their target price adjustments.
However, these target prices are based on earnings expectations at the time each report was published, and it should be considered alongside subsequent variables such as the delay in the Anma offshore wind project.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
Quarterly operating margin rose for four straight quarters, from 6.5% in Q2 2025 to 11.3% in Q2 2026. This reflects a shift in revenue mix toward the relatively higher-margin offshore wind business and away from special-purpose vessels.
In Q2 2026, offshore wind accounted for 62% of total revenue, a marked change from a year earlier when special-purpose vessels made up about half of quarterly sales.
The government selected five projects totaling 1,786MW in the H1 2026 offshore wind auction and announced a roadmap to supply over 4GW annually, totaling 55GW, through 2035.
Most selected projects presented plans to use domestic supply chains for substructures, creating a favorable environment for domestic fabricators such as SK Oceanplant.
In August 2026 the company won an order for six Aframax crude tankers (about KRW 600 billion, up to KRW 800 billion with options) from a Greek shipowner, entering the newbuild tanker market.
It had also previously signed a contract worth about KRW 160.5 billion for substructures for the Wind 5 HVDC offshore substation in the German North Sea, widening its European customer base. Factoring these in, the order backlog could grow from KRW 1,107.2 billion at end-June to roughly KRW 2 trillion.
Construction at the Anma offshore wind project, originally planned for the second half of 2026, has been delayed, and the company itself stated growth would moderate versus initial expectations.
Large offshore wind projects are exposed to variables such as permitting, military operational coordination, and grid connection, raising the possibility that revenue recognition could be pushed back.
Global tanker orders reached 407 units in H1 2026, up about 193% year-on-year, with deliveries more than doubling.
If the increased order volume translates into actual vessel supply from around 2028-2030, it could pressure freight rates and vessel prices, posing a variable for the long-term profitability of the tanker business SK Oceanplant has newly entered.
Operating cash flow was negative KRW 39.8 billion in 2025, reflecting an increase in work-in-progress related assets during a period of revenue expansion. If the order backlog grows further, the funding needed to support production progress could also increase, leaving cash flow management as an ongoing task.
Offshore wind projects must pass through multiple approval stages including permitting, military operational coordination, and grid connection, and delays have already occurred at the Anma offshore wind project.
The government's auction price ceiling is being lowered each year, which could also change the profitability conditions for new projects. Whether and on what terms an additional auction is announced in the second half could affect future order flow.
Fluctuations in steel plate prices and exchange rates directly affect the cost of fabricating substructures and vessels. For large multi-year projects, cost changes between the contract signing date and the actual construction period are difficult to fully control.
The newly entered commercial vessel segment is likewise exposed to steel plate price and subcontracting cost fluctuations.
In the H1 2026 auction, a project using a turbine from a domestic company licensed with a Chinese firm was selected, raising industry concerns about the effectiveness of supply-chain policy.
If more competitors adopt similar lower-cost supply chains going forward, it could affect the relative position of domestic supply-chain-focused fabricators. In the commercial vessel segment, order competition with domestic and overseas shipyards also continues.
Q3 provisional earnings are expected to be disclosed around this time, warranting a check on whether the offshore wind, special vessel, and tanker revenue mix and the operating margin trend continue.
Given the government's long-term offshore wind roadmap, it is worth checking whether an additional Q4 auction is announced and, if so, what volume and terms are set.
It is worth monitoring the progress of steel cutting and construction start at the Anma offshore wind project to check whether the previously mentioned delay is being resolved.
Whether the two Aframax option vessels for the Greek shipowner are actually exercised could serve as an indicator of the sustainability of the commercial vessel business.
It is worth checking when and at what scale substructure revenue from European projects such as the German North Sea Wind 5 begins to be actually recognized.
After posting record revenue of KRW 965.4 billion in 2025, SK Oceanplant has seen revenue scale down somewhat in 2026 while margins have improved noticeably as the offshore wind mix expands.
Quarterly operating margin rose for four straight quarters from 6.5% in Q2 2025 to 11.3% in Q2 2026, and the balance sheet improved substantially as the debt ratio fell from 132.0% in 2022 to 41.0% in 2025.
The August 2026 order for six Aframax tankers from a Greek shipowner marked the addition of a new revenue stream—commercial vessels—to a business structure previously centered on offshore wind, and the resulting order backlog has the potential to expand to roughly KRW 2 trillion.
The government's long-term offshore wind auction roadmap and the rising competition ratio in the H1 2026 auction suggest a policy environment favorable to domestic supply-chain-focused fabricators, but delays on individual projects such as Anma offshore wind also highlight uncertainty around revenue recognition timing.
The success of the newly entered tanker business will likely hinge on execution of the first project with the Greek shipowner and whether follow-on orders materialize.
Brokerages cited offshore wind margin improvement as the basis for target prices set in reports from around May 2026, but the subsequent project delay is a factor investors should weigh alongside those figures.
Report written 2026-09-05 · Data as of 2026-09-04
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