GS Entec

What GS Entec does

GS Entec Corp. is a Korean heavy industrial manufacturer founded in 1988 and headquartered in Ulsan, South Korea, with a Seoul business office in GS Tower. The company operates three business divisions: Chemical Process Equipment (CPE), which fabricates heat exchangers, reactors, columns, towers, and pressure vessels from carbon, alloy, clad, duplex, titanium, and monel materials for global oil & gas, refinery, and petrochemical projects; Energy, which manufactures Heat Recovery Steam Generators (HRSG) and steam drums / Balance of Plant equipment for combined cycle power plants (approximately 30 HRSG units annually with turn-key capability via a Technical Service Agreement with Siemens HTT in the Netherlands); and New Business, which produces onshore/offshore process modules (CCR, E-House, water treatment) and offshore wind monopile foundations using technology licensed from Sif Netherlands since 2022.

The company runs four Ulsan manufacturing sites (Yongjam, Seongam, Onsan, Hwasan) totaling approximately 333,000 m², with up to 60,000 tons of annual production capacity, indoor handling of up to 2,000-ton units, five radiographic testing bunkers, and ship berthing for 12,000 DWT vessels. It holds ASME stamps (U, H, S, PP, U2, N, NPT, NA), KEPIC MN (nuclear), ISO 9001/14001, OHSAS 18001, EN ISO 3834-2, and a Chinese SQL license. Revenue is project-based hardware sales to enterprise end-users and EPCs, with disclosed FY2018 revenue of KRW 142,669M (roughly USD 107M) and historical project sizes including ~USD 110M of HRSGs to Siemens HTT for Egypt (2015) and ~USD 128M of turn-key HRSG work for Jangmoon/Dangjin (2014).

GS Entec is a publicly listed subsidiary of GS Group on KOSDAQ (ticker 056730), with GS Global Corp. controlling 93.1% of shares as of year-end 2018. Current strategic emphasis is the conversion of Yongjam into a dedicated 150,000 metric-ton annual monopile facility (USD 200M capex), with first domestic monopile shipment completed July 26, 2024, targeting the combined 20.5 GW Korea-Japan offshore wind market by 2030 and supported by a 2025 business agreement with Korean industry partner UPA.

Name

GS Entec

Legal name

GS Entec Corp.

Website

https://gsentec.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

251–500 employees

Short description

GS Entec is a Korean heavy industrial manufacturer producing chemical process equipment, HRSGs, and offshore wind monopiles for global oil & gas, petrochemical, power, and renewable energy customers under GS Group affiliation.

Ownership category

akta.pro rank

Headquarters

HQ city

Ulsan

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Manufacturing and Fabrication of Industrial Equipment: GS Entec manufactures and supplies heavy industrial equipment including Heat Recovery Steam Generators (HRSG), Chemical Process Equipment (CPE) such as heat exchangers, reactors, columns, towers, and pressure vessels, and offshore wind monopile foundations. Revenue is project-based and derived from large-scale orders from global energy companies, petrochemical plants, and offshore wind developers.
2. HRSG Turn-key Projects: The company conducts turn-key projects for HRSG supply including design, fabrication, and performance guarantee, backed by a Technical Service Agreement with Siemens HTT (Netherlands). In 2015, received approximately USD 110 million from Siemens HTT for 16 HRSGs for the Egyptian public construction project.
3. Offshore Wind Monopile Production: GS Entec is transitioning its Yongjam plant in Ulsan into a dedicated monopile manufacturing facility with a 150,000 metric ton annual capacity, backed by a $200 million investment, targeting the Korea-Japan offshore wind market. The first domestic monopile shipment was made on July 26, 2024.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

GS Entec manufactures heavy industrial equipment used in oil & gas, refinery, petrochemical, and power plants, organized in three divisions: Chemical Process Equipment (CPE) — heat exchangers, reactors, columns, towers, and pressure vessels; Energy (HRSG) — Heat Recovery Steam Generators plus steam drums and Balance of Plant for combined-cycle power plants; and New Business — offshore wind monopile foundations and onshore/offshore process modules. Products are custom-engineered and built across four Ulsan-area plants with ASME/KEPIC certifications supporting nuclear and international project delivery.

Product overview

GS Entec is an energy equipment and engineering company (unit of GS Group) offering three core business divisions: CPE (Chemical Process Equipment) manufacturing heat exchangers, reactors, columns, towers, and pressure vessels for oil and gas projects; Energy Division producing HRSG (Heat Recovery Steam Generator) units and turn-key services for combined cycle power plants; and New Business focused on offshore wind monopile foundations and onshore/offshore module projects. The company operates manufacturing facilities in Ulsan, Korea with a total production capacity of 60,000 tons per year and is expanding into the offshore wind market targeting Korea-Japan combined 20.5 GW capacity by 2030.

Differentiator

Problem solved

Functional benefit

Products and services

• CPE (Chemical Process Equipment) Custom-fabricated heat exchangers, reactors, columns, towers, and pressure vessels for global oil & gas, petrochemical, and refining projects, using carbon steel, low/high alloy steel, clad steel, duplex steel, titanium, and monel.
• HRSG (Heat Recovery Steam Generator) Heat Recovery Steam Generators in Horizontal, Vertical, and Benson Module configurations, plus steam drums and Balance of Plant (BOP) equipment for combined-cycle thermal power plants; approximately 30 HRSG units produced per year on average.
• HRSG Turn-key Services End-to-end turn-key HRSG supply covering basic design, heat balance, efficiency calculation, material specification, fabrication, construction, testing, commissioning, and after-service, with performance guarantee backed by the Siemens HTT (Netherlands) Technical Service Agreement.
• Offshore Wind Monopile Foundations Monopile substructure foundations for offshore wind turbine generators, produced under technology licensed from Sif Netherlands, targeting the combined 20.5 GW Korea-Japan offshore wind market forecast by 2030.
• Onshore & Offshore Modules Integrated multi-functional modules for offshore and onshore plants, including 3000PPH CCR (Continuous Catalytic Reforming) modules, E-House modules, water treatment modules, and skid-mounted process equipment for EPC contractors and energy companies.

Quantifiable outcome

• 150,000 metric ton annual monopile production capacity at Yongjam plant
• +5 more outcomes

Named customers23 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered strategic, core and minor.

• UPA (UPA-GS Entec)strategicStrategic or Co-development Partner · 14 July 2025UPA and GS Entec signed a business agreement on July 14, 2025 for promoting the offshore wind power industry and industry activation in Korea.
• SifcoreTechnology or Integration · 1 August 2022Dutch collaboration partner for offshore wind monopile substructure technology. GS Entec acquired monopile technology from Sif Netherlands in 2022 and participated together at the 2026 World Smart Energy Week in Tokyo, showcasing offshore wind substructure technology including monopile models. This partnership is strategic for GS Entec's entry into the offshore wind market.
• Sumitomo Heavy IndustriesminorStrategic or Co-development Partner · 12 December 2019Sumitomo Heavy Industries Chairman Shunsuke Betsukawa visited GS Entec facilities in December 2019, indicating a business relationship and potential future collaboration.
• UOP LLCcoreStrategic or Co-development Partner · 1 January 2015UOP LLC (Honeywell) awarded GS Entec a contract for medium and large-sized CCR (Continuous Catalytic Reforming) modules. GS Entec manufactured 3000PPH CCR module for Hyundai-Oilbank Daesan facility in 2015 under this partnership.
• Siemens HTT (Netherlands)coreTechnology or Integration · 1 January 2011Technical Service Agreement with Siemens HTT (formerly NEM, Netherlands) to reinforce position as HRSG turn-key supplier, providing design, fabrication, and performance guarantee based on accumulated HRSG fabrication capacity. GS Entec received approximately $110M order from Siemens HTT in 2015 for 16 HRSGs for Egyptian public construction project.

Scale indicators8 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Chart Industries: NYSE-listed (GTLS) global manufacturer of cryogenic, heat transfer, and process equipment serving LNG, petrochemical, and industrial gas end-markets. Competes with GS Entec's CPE division for petrochemical heat exchanger projects and within the LNG supply chain where both serve Chiyoda, Bechtel, and Fluor.
• Babcock & Wilcox Enterprises: NYSE-listed (BW) U.S.-based incumbent manufacturer of HRSGs, power boilers, and heat exchangers for utility, refinery, and petrochemical customers. Direct technology competitor for HRSG design and supply agreements GS Entec secures through the Siemens HTT channel.
• Larsen & Toubro: Indian heavy engineering conglomerate (NSE: LT) with large-scale fabrication of heat exchangers, reactors, pressure vessels, and modular process equipment for refinery, petrochemical, and power EPC contractors. Competes for the same Aramco/Saudi downstream and Middle East LNG project work as GS Entec.

Direct peers

• Bladt Industries A/S: Danish manufacturer of offshore wind foundations including monopiles, jackets, and transition pieces. Competes for the same offshore wind foundation supply contracts globally and within Asian project pipelines that GS Entec is targeting.
• Sif Group: Amsterdam-listed Dutch monopile manufacturer and GS Entec's technology partner since 2022. Direct offshore wind monopile competitor serving the same European and emerging Korean/Japanese developer base, providing the licensing blueprint GS Entec is replicating at Yongjam.
• Doosan Enerbility: Korean-listed (KRX 034020) manufacturer of HRSGs, steam generators, and power plant equipment. Most direct head-to-head competitor for GS Entec in domestic and export HRSG turn-key projects, operating at significantly larger scale across the same Siemens/GE tier-1 customer base.
• CS Innovation: KRX-listed Korean manufacturer of offshore wind towers, recently rebranded from CS Wind. Closest Korean-based peer in the offshore wind substructure space, competing for the same Korean utility procurement contracts and Asia-Pacific project pipeline as GS Entec's new monopile business.
• Sumitomo Heavy Industries: Japanese industrial conglomerate (TYO 6302) with chemical process equipment, power plant, and industrial machinery divisions. Identified GS Entec partnership visit in 2019 and competes for regional Asian EPC project awards with comparable ASME-certified pressure vessel manufacturing capabilities.
• EEW-BST: German-Japanese joint venture operating one of the world's largest monopile production facilities. Direct competitor targeting Korea-Japan offshore wind tenders, with longer track record and capacity scale that GS Entec is racing to match.

Emerging players

• Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering): KRX-listed Korean shipbuilder and offshore structure fabricator with heavy steel fabrication capabilities. Emerging competitor in floating offshore wind and offshore substructure modules, leveraging shipyard infrastructure comparable to GS Entec's Yongjam facilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCBrRX2g8cTj0

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GS Entec