December 22, 2024

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Hanwha Ocean CEO and President Kim Hee-cheol (third from right), Babcock International CEO David Lockwood (third from left) and other executives, including UK’s Second Sea Lord Nick Hine and Mark Goldsack, managing director of business growth and AUKUS at Babcock, pose for a photo after signing a partnership agreement at Hanwha Ocean headquarters in Geoje, South Gyeongsang Province, Thursday. (Hanwha Ocean)

Hanwha Ocean has forged a strategic partnership agreement with Babcock International, a London-based defense company, aiming to expand its footing in the global shipbuilding market.

Hanwha Ocean CEO and President Kim Hee-cheol, Babcock International CEO David Lockwood and other executives, including UK’s Second Sea Lord Nick Hine and Mark Goldsack, managing director of business growth and AUKUS at Babcock, attended the signing ceremony Thursday at the Korean shipbuilder’s headquarters in Geoje, South Gyeongsang Province.

Under this agreement, Hanwha Ocean and Babcock International will collaborate on submarine exports to Canada, Poland and other global ship export sectors and provide clients with customized maritime and defense solutions.

“We expect great synergy between Hanwha Ocean’s competitive edge in the shipbuilding service platform (ranging from naval combat systems to logistics support services) and Babcock’s exceptional capabilities in military equipment support in global markets,” stated Kim.

The Hanwha Ocean CEO added, “This strategic partnership will enhance our ability to secure global ship export contracts and deliver seamless maintenance services for the entire lifecycle of our clients’ ships, thereby strengthening the defense business for both companies.”

In June last year, Hanwha Ocean clinched a technological cooperation agreement with Babcock Canada to secure the Canadian Patrol Submarine Project, which involves acquiring up to twelve 3,000-ton submarines. The winning bidder is expected to sign the contract between 2026 and 2027.

Meanwhile, Hanwha Ocean is ramping up its overseas maritime and defense business, aligning with Hanwha Group Chairman Kim Seung-youn’s emphasis on securing technological prowess over global rivals.

On Nov. 20, Kim visited the company’s central research institute at the Siheung R&D Campus in Gyeonggi Province, for the first time. This surprise visit came after US President-elect Donald Trump’s recent conversation with President Yoon Suk Yeol, where they discussed the need for further cooperation between the US and South Korea in the marine and defense sectors.

By Byun Hye-jin  (hyejin2@heraldcorp.com)