US Navy and 'Hamjeong Jeongbi Agreement' Signed
Securing a Foothold for MRO Business Expansion
Hanwha Ocean has established a foothold to fully enter the US Navy ship MRO (Maintenance, Repair, and Overhaul) business.
On the 22nd, Hanwha Ocean signed a Master Ship Repair Agreement (MSRA) with the US Navy Supply Systems Command. Through this agreement, Hanwha Ocean has obtained the qualification to officially participate in bids for MRO projects on ships regulated by the US Navy for the next five years.
This agreement signing is evaluated as proof of Hanwha Ocean’s ship technology and maintenance capabilities in the global market. Additionally, strengthening cooperation with the US Navy is an important achievement that solidifies Hanwha Ocean’s position in the global defense industry market.
The MSRA is an agreement between the US government and general shipbuilding companies for the maintenance and repair of US ships. It is an important certification that guarantees the quality and reliability of US Navy ship maintenance. Companies that obtain the MSRA after a strict screening process by the US Navy gain the qualification to participate in various US Navy ship maintenance projects.
Hanwha Ocean significantly shortened the period required for MSRA certification, which usually takes more than one year, to seven months. Hanwha Ocean applied for the MSRA in January this year, underwent an on-site inspection at the Hanwha Ocean Geoje plant at the end of April, and recently succeeded in signing the final agreement. This is interpreted as a result of active cooperation between Hanwha Ocean and the US Navy certification authority, as well as high scores from the US Navy for Hanwha Ocean’s ship technology and maintenance-related infrastructure.
A Hanwha Ocean official said, "With the acquisition of the MSRA, it has become possible to fully participate in the US Navy’s ship maintenance business," and added, "Hanwha Ocean will accelerate its expansion into the global defense market based on technological innovation and quality improvement."
Meanwhile, Hanwha Ocean, planning to enter the US ship market, recently acquired Philly Shipyard, the largest commercial dock in the US, to utilize it as a business site for Hanwha Ocean’s entry into the US ship market and ship MRO operations. By acquiring the MSRA this time, Hanwha Ocean has secured a solid foothold for entering the world’s largest defense market.
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