SEOUL, January 16 (AJP) - HJ Shipbuilding & Construction said on Friday it has been selected by the U.S. Navy as a partner for its ship repair program.
The decision enables the South Korean shipbuilder to participate fully in maintenance, repair and overhaul work for major U.S. naval vessels.
The agreement will run from Jan. 23 through Jan. 22, 2031, the company said.
The U.S. Navy program is a framework agreement between the U.S. government and private shipyards that allows qualified companies to compete for maintenance, repair and overhaul contracts for U.S. Navy ships. While such an agreement is not required for servicing noncombat vessels such as logistics support ships, it is a prerequisite for bidding on MRO projects involving combat ships.
HJ Shipbuilding said the agreement provides the company with a foothold in the U.S. Navy’s ship maintenance market, which the company estimates to be worth about 20 trillion won ($15 billion) annually over the next five years.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
Copyright ⓒ Aju Press All rights reserved.
