Hanwha Ocean-tech tieup

▲ The corporate logo of Hanwha Ocean Co. (Yonhap)

Hanwha Ocean-tech tieup

Hanwha Ocean signs deal with Babcock Canada on sea defense projects

SEOUL, June 7 (Yonhap) -- South Korean shipbuilder Hanwha Ocean Co. said Wednesday it has agreed to cooperate with the Canadian unit of British defense firm Babcock International on maritime defense projects.

The technical cooperation agreement calls for Hanwha Ocean and Babcock Canada to collaborate in the design and construction of Canadian warships and logistical support projects.

In particular, the deal will combine Hanwha Ocean's submarine construction technology with Babcock Canada's know-how in the repair of Victoria-class submarines, Hanwha Ocean said.

The agreement is a follow-up on last year's agreement between Hanwha Ocean and Babcock International on collaboration on warship projects, said Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co. (DSME).

Babcock International is a Britain-based multinational corporation engaging in the defense, energy and nuclear power businesses.

Last month, DSME was renamed Hanwha Ocean, opening a new era as a unit of Hanwha Group, the seventh-largest conglomerate in South Korea.

Five Hanwha affiliates, including Hanwha Aerospace Co. and Hanwha Systems Co., have taken part in DSME's 2 trillion-won (US$1.53 billion) rights offering and became the controlling shareholder with a 49.3 percent stake in the shipbuilder.

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