Hanwha Ocean gets deal to join potential projects on repair of U.S. warships

Major South Korean shipbuilder Hanwha Ocean Co. said Monday it has signed a deal with U.S. Naval Supply Systems Command to join potential projects for the repair and maintenance of U.S. warships. Under the Master Ship Repair Agreement, Hanwha Ocean will be eligible for repair and maintenance projects for U.S. warships, the company said in a statement. The deal came as the U.S. Navy took note of Hanwha Ocean's technology and infrastructure for warship repair and maintenance, according to the statement. "Hanwha Ocean will speed up an expansion into the global defense market, based on technological innovation and quality improvement," a company official said. In June, Hanwha Group, which has Hanwha Ocean under its wing, said it has invested US$100 million in Philly Shipyard Inc. to acquire a 100 percent stake in the U.S. shipbuilder, marking the first entry of a South Korean company into the U.S. shipbuilding industry. Source: Yonhap News Agency