On June 22nd, Hanwha Ocean made a significant stride in the global defense industry by signing a Master Ship Repair Agreement (MSRA) with the U.S. Navy’s Naval Supply Systems Command. This pivotal agreement grants Hanwha Ocean the qualification to participate in bids for the U.S. Navy’s Maintenance, Repair, and Overhaul (MRO) business for the next five years. The MSRA is a critical certification within the defense sector, representing a formal acknowledgment of a company’s capability to maintain and repair U.S. naval vessels. Achieving this certification is a rigorous process, involving stringent evaluations of a company’s shipbuilding technology, maintenance infrastructure, and overall reliability. Companies that secure the MSRA are thus entrusted with ensuring the operational readiness and longevity of the U.S. Navy’s fleet.
Hanwha Ocean’s achievement is particularly noteworthy as the company managed to secure the MSRA in just seven months, significantly shorter than the typical year-long certification process. This expedited timeline was made possible through active collaboration with U.S. Navy certification bodies and the company’s demonstrated excellence in naval technology and maintenance capabilities. The agreement not only solidifies Hanwha Ocean’s position in the U.S. defense market but also highlights the company’s world-class naval engineering and maintenance prowess. By securing the MSRA, Hanwha Ocean is poised to expand its presence in the global defense sector, leveraging its advanced technology and strategic partnership with the U.S. Navy. As Hanwha Ocean embarks on this new chapter, the company aims to further strengthen its role in the global defense market.
One of the notable advancements for Hanwha Ocean is its involvement in the Republic of Korea (ROK) Navy’s unmanned systems projects. The company has been selected to design Reconnaissance Unmanned Underwater Vehicles (UUV) and Mine Warfare Unmanned Surface Vehicles (USV). Hanwha Ocean is positioning itself to secure a substantial contract in Poland for submarine construction. The company organized an “Industry Day” in Gdańsk, engaging with local stakeholders to discuss potential collaboration. In North America, Hanwha Ocean is actively pursuing the Canadian Patrol Submarine Project. The company has signed partnerships with several Canadian firms to strengthen its bid. This collaboration aims to enhance technological exchange and joint development efforts, positioning Hanwha Ocean as a strong contender to replace Canada’s aging Victoria-class submarines.
Hanwha Ocean Co., Ltd. (Hanhwa Osyeon), formerly known as Daewoo Shipbuilding & Marine Engineering (DSME; Daeu Joseon Haeyang), is one of the “Big Three” shipbuilders of South Korea, along with Hyundai and Samsung. In December 2022, Hanwha Group announced that it would acquire a controlling 49.3 percent stake in Daewoo Shipbuilding & Marine Engineering worth 2 trillion won (US$1.5 billion). The deal was supported by the Korea Development Bank in an attempt to improve competition in the Korean shipbuilding industry.
