The world’s largest shipbuilder said Thursday it has recently signed a Master Ship Repair Agreement (MSRA) with the U.S. Navy Supply Systems Command. With the agreement, the Korean firm has secured qualification to participate in MRO project bids for support vessels of the U.S. Military Sealift Command and combat ships operated by the U.S. Navy over the next five years.
The MSRA is a prerequisite agreement required by the U.S. government for private shipyards to participate in MRO projects for U.S. Navy ships. According to HHI, the U.S. Navy's MRO market is valued at about 20 trillion won ($14.4 billion) annually.
"By leveraging our unmatched technology from exporting a total of 18 naval vessels and the MRO expertise accumulated in the Philippines, we will firmly establish ourselves in the U.S. naval MRO market and further expand the scope of K-naval ship exports," HHI's special ship business division head Joo Won-ho said in a press release. The company also plans to expand its MRO business into other regions such as Asia and South America.
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