The new entity, named Hyundai E&T, is due to be launched in January 2014, according to HHI.
Increasing demands for more sophisticated ships such as drillships and offshore plants have prompted HHI to set up the new company, the shipbuilder said.
Hyundai E&T will handle ship and offshore plant designs for HHI, Hyundai Mipo and Hyundai Samho. It will also enlarge its business portfolio into electrical and electronics sectors and construction equipment of HHI's non-shipbuilding sector, local media Yonhap reported.
Mipo Engineering will be incorporated into Hyundai E&T, which will be financed by HHI, Hyundai Mipo Dockyard Co and Hyundai Samho.
HHI plans to increase the number of ship designers to 1,600 by 2018 from the current 350, and the number of employees in the ship inspection sector to about 400, the news report said.
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