Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries will finance Hyundai E&T, which is effectively an expansion of Mipo Engineering Co, along with their Seoul-listed parent.
The world’s largest shipbuilder says growing demand for more advanced vessels has driven the move.
HHI says the new project will increase the number of ship designers on its payroll from 350 to 1,600 by 2018.
