Part of Philippine Subic Bay Shipyard Leased Out for Offshore Wind

Cerberus Capital Management agreed to lease part of its 350-hectare Philippine shipyard in Subic Bay to HD Korea Shipbuilding and Offshore Engineering, which plans to build a facility there to manufacture offshore wind platforms.

The shipyard was run by Hanjin Philippines before it defaulted on loans worth $1.3B in 2019. Manila considers it an important asset because of its shelter, depth and access to the South China Sea.

HD KSOE anticipates commencing site preparations in the near term, with operations starting within the next 12-18 months.

Other tenants at the Subic shipyard include the Philippine Navy which occupies 100-hectares, global logistics company V2X, and Cerberus-owned SubCom, a global subsea cable firm.

(Reuters)