The Korean shipbuilder said Thursday that it has secured a deal for overhauling a 40,000-ton U.S. Navy logistics support ship.
This contract involves the regular overhaul of large naval vessels and can only be carried out by companies certified under a Master Ship Repair Agreement (MSRA). The MSRA is a prerequisite agreement required by the U.S. government for private shipyards to participate in maintenance, repair and operation (MRO) projects for U.S. Navy ships.
Under this contract, the U.S. ship will dock at Hanwha Ocean's shipyard on Korea's southern island of Geoje for comprehensive maintenance and inspection. Land-based maintenance work utilizing the shipyard's floating facilities will also be performed.
Through this contract, Hanwha Ocean will enter the U.S. Navy's MRO market, valued at around 20 trillion won ($14.9 billion) annually.
Hanwha Ocean plans to utilize the Philly Shipyard, located in Philadelphia and acquired in June, as a key facility for both shipbuilding and MRO activities as it expands into the U.S. naval market.
"Entering the U.S. Navy maintenance business represents a significant step forward in the global ship MRO market, expected to exceed 80 trillion won annually," a Hanwha Ocean official said.
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