HD Hyundai to Sign Shipbuilding Cooperation MOU with Cerberus to Coincide with South Korea-U.S. Summit

HD Hyundai to Sign MOU to Strengthen Shipbuilding Cooperation
with Existing Private Equity Partner Cerberus
Shipbuilding Emerges as Key Agenda at South Korea-U.S. Summit
Closer Ties Expected Between South Korea and the United States

HD Hyundai is set to sign a memorandum of understanding (MOU) on shipbuilding cooperation with Cerberus, a U.S.-based private equity fund, to coincide with the South Korea-U.S. summit. This agreement is expected to expand shipbuilding cooperation between South Korea and the United States to include ship construction, maintenance, and workforce development.

On August 25, HD Hyundai will sign an MOU in the United States with Korea Development Bank and Cerberus to strengthen cooperation in the shipbuilding sector. The agreement has been arranged to align with the schedule of the South Korea-U.S. summit taking place on the same day.

HD Hyundai Heavy Industries Yard Panorama. HD Hyundai

Cerberus owns the Subic Shipyard in the Philippines, and HD Korea Shipbuilding & Offshore Engineering has been leasing part of the dock space since last year to carry out marine wind power substructure manufacturing, ship block fabrication, and maintenance, repair, and operations (MRO) projects. With this agreement, HD Hyundai plans to expand its construction activities and U.S. naval vessel maintenance and repair projects at the Subic Shipyard.

Previously, HD Hyundai signed an MOU for advanced shipbuilding technology cooperation with Huntington Ingalls in the United States and established a merchant ship construction partnership with Edison Chouest Offshore (ECO). In addition, a South Korea-U.S. shipbuilding cooperation expert forum, involving faculty from Seoul National University, the University of Michigan, and MIT, has been launched to foster workforce development and facilitate technology exchange.