Overview

Galsa Bay Shipbuilding Industrial Complex
  • Location: Gadeok-ri and Galsa-ri areas in Geumseong-myeon, Hadong-gun, Gyeongsangnam-do
  • Project Period: March, 2009 – December, 2020
  • Area: 5,613,000㎡ (sea surface: 3,174 land surface: 2,439)
  • Project Cost: KRW 1.5970 trillion (Public: KRW 1.5582 trillion Private: KRW 0.0388 trillion)
  • Business Type: Valued added shipbuilding equipment, shipyards and offshore plants
  • Project Operators: Hadong County, Hadong Development Co., Ltd.

Progress Timeline

  • Oct 30, 2003: Hadong designated as a Free Economic Zone (Galsa Bay, 6,281,000㎡, KRW 0.8100 trillion)
  • Feb 21, 2008: Hadong Development Co., Ltd. (SPC) established
  • Jul 18, 2008: Plans for applying the Basic Plan for Reclaiming Land from Public Waters notified
  • Sep 12, 2008: Project operators designated (Hadong Development Co., Ltd., Hadong County)
  • Dec 26, 2008: Hadong County Council approves Hadong County’s investment in Galsa Bay Industrial Complex Development SPC
  • Mar 30, 2009: Project execution plan approved (36 licenses acquired)
  • Sep 17, 2009: Hadong County makes an investment (KRW 1.5 billion)
  • Nov 27, 2009: Compensation plan notified (land)
  • Sep 28, 2010: Land distribution agreement signed with Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) (656,000㎡)
  • Nov 25, 2010: General project supervisor selected
  • Feb 27, 2012: Compensation for the site of Hadong Offshore Plant Integrated Testing and Research Center completed
  • Feb 29, 2012: Subcontractor agreement signed with Hanshin E&C and construction initated
  • Mar 20, 2012: Landfilling for the land area of Hadong Offshore Plant Integrated Testing and Research Center initiated
  • Mar 20, 2012: General supervisor agreement signed (Dohwa Engineering Co., Ltd., Gunil Engineering Co., Ltd., Daeyang Engineering Co., Ltd., Hangaram Engineering & Consulting Co., Ltd.)
  • May 02, 2012: Land distribution agreement signed with Hadong County (330,512.4㎡)
  • May 07, 2012: Project contract and PF loan agreement signed (KRW 181.5 billion)
  • May 07, 2012: Completion guarantee submitted by Hanshin E&C
  • May 09, 2012: Down payment (KRW 11 billion) paid by Daewoo Shipbuilding & Marine Engineering co., Ltd.
  • May 17, 2012: Performance bond submitted by Hanshin E&C (KRW 48.5 billion)
  • Jul 09, 2012: Fishery damage compensation agreement signed
  • Oct 09, 2012: Installation of private seaway marking facilities approved
  • Oct 30, 2012: Installation of light bouys and silt protectors completed (15.4km)
  • Nov 15, 2012: Construction of Hadong Offshore Plant Integrated Testing and Research Center initiated
  • Dec 07, 2012: Construction of temporary roads and dike for sea surface construction initiated
  • May 21, 2013: Construction of entry seaway for dredging vessels and temporary dike for Daewoo Shipbuilding & Marine Engineering co., Ltd. site initiated
  • Jul 15, 2013: DCM (temporary dike for weak grounds) construction for Daewoo Shipbuilding & Marine Engineering co., Ltd site initiated
  • Oct 31, 2013: Manufacturing of pier blocks for Daewoo Shipbuilding & Marine Engineering co., Ltd site initiated
  • Nov 14, 2013: Construction of the temporary dike (5.5km) for the sea surface completed
  • Dec 23, 2013: Manufacturing of pier blocks for Daewoo Shipbuilding & Marine Engineering co., Ltd site suspended
  • Jan 20, 2014: Dredging work for the western waterway of Galsa Bay Industrial Complex initiated (landfilling for Daewoo Shipbuilding & Marine Engineering co., Ltd site)
  • Feb. 2014: Hanshin E&C construction temporarily suspended
  • Jul. 2015: Confirmation granted for reorganization (Changwon District Court)
  • Aug. 2015: Termination of the subcontractor agreement with Hanshin E&C approved
  • Aug. 2015: Termination of the land purchase agreement notified by Daewoo Shipbuilding & Marine Engineering co., Ltd.
  • Oct. 2015: Subcontractor agreement approved (Daeho Industries)
  • Oct. 2015: Reorganization proceedings terminated and creditors’ meeting cancelled
  • Mar. 2017: Project execution plan changed (project period extended for 1 year)

Future Plans

2nd half of 2017: Project normalization