Hanwha Ocean and UK Defense Group Babcock Form Strategic Partnership for Submarine Exports

Expansion of Global Market Entry Including Canada and Poland

Hanwha Ocean has decided to strengthen global defense cooperation with the UK defense specialist group Babcock International and to expand its entry into the warship market.

Hanwha Ocean announced on the 29th that it signed a strategic partnership agreement with the UK’s Babcock International Group on the 28th to lay the groundwork for expanding entry into the global warship market. The two companies agreed to prioritize cooperation for submarine exports to Canada and Poland, strengthen collaboration in the global warship export sector, and leverage each other’s strengths to provide customized solutions for customers.

Kim Hee-chul, CEO of Hanwha Ocean (third from the right in the front row), signed a strategic partnership agreement with David Lockwood, Chairman of Bobcock International Group (third from the left in the front row), to establish a foundation for expanding entry into the global naval vessel export market. (Provided by Hanwha Ocean)

Babcock secured the Polish frigate project in 2022 and is currently building warships locally in Poland, with plans to participate in maintenance as well. In Canada, it has been conducting maintenance work on four Victoria-class submarines of the Canadian Navy since 2008. Its annual revenue reaches approximately 7 trillion KRW, with 36% coming from the marine business sector and 29% from the nuclear business sector.

David Lockwood, Babcock’s Chairman, visited Korea for the first time since his appointment in 2020 and toured Hanwha Ocean’s Geoje plant. Showing deep interest in warship construction and MRO (Maintenance, Repair, and Overhaul) capabilities, he stated, “I look forward to learning and growing together through Hanwha Ocean’s outstanding technology and production capacity.”

The visit included Nick Hine, former Deputy Chief of the UK Royal Navy Staff and CEO of Babcock Marine, and Mark Goldsack, former UK Defense Security Export Director and Head of International Cooperation at Babcock.

David Lockwood, Chairman of Bobcock International Group, and his delegation visited Hanwha Ocean Geoje Plant and received an explanation about the background of the Jangbogo-III submarine development from Seungkyun Jeong, Head of Hanwha Ocean Special Ship Overseas Business Division. (Provided by Hanwha Ocean)

Hanwha Ocean signed a Technical Cooperation Agreement (TCA) with Babcock Canada in June last year to promote the Canadian submarine project, and in February this year, it signed a Team Agreement (TA) with Babcock International Group in Poland for global submarine business cooperation.

David Lockwood said, “Through strategic cooperation with Hanwha Ocean, we will further enhance competitiveness in the Canadian and Polish submarine export markets and local military support businesses. We will actively cooperate with Hanwha Ocean for international defense exports.”

Kim Hee-chul, CEO of Hanwha Ocean, emphasized, “The synergy expected from the cooperation between Hanwha Ocean, which has competitiveness in warship platform construction, and Babcock, which has excellent capabilities in global follow-up military support, is significant. This will increase the possibility of winning global warship export projects and make a major contribution to the development of the defense sector for both companies by providing seamless maintenance services throughout the entire lifecycle of warships to customers.”