Hanwha Ocean Writes New Chapter in K-Maritime Defense... US Navy Ship 'Wally Schirra' Departs After Successful MRO

First US Navy Ship MRO Project in Korea Completed in Six Months
Proving Global Competitiveness in MRO Business and Fostering Growth with Domestic Partners

Hanwha Ocean (CEO Kim Heecheol) has set a new milestone in the South Korean shipbuilding industry.

The US Navy's logistics support ship, USNS Wally Schirra, which was the first US Navy vessel maintenance, repair, and overhaul (MRO) project ever awarded to a Korean company, has successfully completed its overhaul and set sail.

The US Navy logistics support ship USS Wally Schirra is departing after successfully completing ship maintenance. Provided by Hanwha Ocean

This project is considered a historic moment that advances South Korea-US maritime defense cooperation to a new level.

The name "Wally Schirra" is derived from Walter Marty Wally Schirra Jr., a U.S. Navy test pilot and astronaut who participated in the Mercury, Gemini, and Apollo programs. He has a special connection to Korea, having served in the Korean War and completed 90 combat missions. Provided by Hanwha Ocean

The MRO work for the Wally Schirra, conducted at Hanwha Ocean's Geoje shipyard over approximately six months, included hull and engine maintenance, inspection and replacement of major equipment, and system upgrades. Hanwha Ocean met the US Navy's high technical requirements and demonstrated top-tier performance in both maintenance quality and efficiency.

During the maintenance process, Hanwha Ocean also generated additional revenue using its own technological capabilities. In particular, the company identified new maintenance needs for the vessel that were not recognized in the initial contract, secured a revised contract guaranteeing significantly increased revenue, and extended the contract period.

Hanwha Ocean's ability to propose additional solutions and solve problems further strengthened the trust of the US Navy.

After signing the Master Ship Repair Agreement (MSRA) with the US Navy in July last year, Hanwha Ocean won its first project a month later with the overhaul of the Wally Schirra, officially entering the US Navy MRO market.

In November, Hanwha Ocean consecutively secured the regular repair project for the USNS Yukon, a replenishment oiler of the US Navy's 7th Fleet, further building trust within the United States.

Through this MRO project, Hanwha Ocean also contributed to the development of the industrial ecosystem by collaborating with domestic shipbuilding and regional partner companies. In particular, for the second project, the Yukon, Hanwha Ocean worked with small and medium-sized shipbuilders in the Geoje region, positively impacting the local economy.

Through this project, Hanwha Ocean confirmed that the maintenance technology of the Korean shipbuilding industry is fully competitive at the global level, and plans to continue establishing models for shared growth with domestic partner companies.

Recently, the United States has been expanding cooperation with allied shipyards to strengthen its vessel maintenance capabilities in the Indo-Pacific region. Accordingly, Hanwha Ocean's successful completion of US Navy vessel maintenance is expected to serve as a turning point for Korea to become a strategic hub in the global naval MRO market, beyond just a single project.

Hanwha Ocean also plans to expand its global MRO business to Asia, the Middle East, Europe, and North America, as well as the United States, based on this project.

The global naval MRO market is estimated at approximately $8 billion and continues to grow. Hanwha Ocean aims to win MRO contracts for five to six US Navy vessels this year and further expand its overseas MRO business.

Patrick J. Moore, Commander of the US Navy Military Sealift Command, Korea Detachment, said, "Thanks to the dedicated efforts of Hanwha Ocean employees and the crew of the Wally Schirra over several months, this project was completed successfully. This is evidence of the close cooperative relationship between the US and Korea, and I expect many more opportunities to further strengthen this partnership in the future."

Kim Daesik, Executive Director of Hanwha Ocean's Special Ship MRO Business TFT, said, "Through the success of this MRO project, we have once again proven the technological prowess and reliability of Korean shipbuilding to the world. We will continue to strengthen ROK-US naval cooperation and create new opportunities in the global naval MRO market."

Based on its successful cooperation with the US Navy, Hanwha Ocean plans to further solidify its position in the global defense industry market.