UAMCO / KHI consortium acquires STX Offshore & Shipbuilding (now K Shipbuilding) for KRW 250bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $172m
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- STX Offshore & Shipbuilding (now K Shipbuilding) · Mid-sized shipbuilding (tankers)
- Buyer
- UAMCO / KHI consortium · 기타
- Seller
- Creditor banks (KDB et al.)
- Structure
- —
- Announced
- Sep 1, 2022
- Closed
- —
- Stage
- Closed
Target
K Shipbuilding (formerly STX Offshore & Shipbuilding), tracing its roots to Dongyang Shipbuilding founded in 1967, is a mid-sized shipbuilder in Changwon building MR tankers, crude carriers and shuttle tankers. Acquired by STX in 2001, it went through court receivership after the 2008 crisis and was renamed after the 2021 UAMCO-KHI consortium acquisition.
Deal rationale
Reports said the UAMCO-KHI consortium invested a total of KRW 250bn (UAMCO KRW 200bn project fund, KHI KRW 50bn; structured as KRW 100bn private bonds, KRW 50bn convertible bonds and KRW 100bn common equity) in STX Offshore, which faced liquidation without outside capital, with the stated purpose of restructuring a mid-sized shipbuilder as part of industrial realignment. KHI chairman Kim Kwang-ho said the acquisition aimed to strengthen domestic shipbuilding rather than personal gain (Dealsite). KHI also acquired Daehan Shipbuilding in 2022, saying it expected procurement and sales synergies (KED Global).
Press coverage
- KED Global(한국경제) (2022-09-01): “The deal followed KHI’s 250-billion-won purchase of debt-laden STX Offshore & Marine Co.”
- 딜사이트 (2026-05-08): “2021년 유암코·KHI 컨소시엄에 2500억원에 매각돼 현재 사명으로 굳혀졌다”
- 파이낸셜뉴스 (2024-12-03): “KHI, 케이조선 경영권 유암코에 이관”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.