Hanwha Ocean Signs MOU for Submarine Business Cooperation with Four Canadian Companies

Frans Herbert, CEO of CAE Inc., Canada, which holds 75% of the global simulator market and demonstrates the best competitiveness in the simulator and training system sector, and Seungkyun Jeong, Vice President and Head of Special Ship Overseas Business Division at Hanwha Ocean, are signing an MOU. Photo by Hanwha Ocean

Hanwha Ocean is actively advancing toward securing the Canadian submarine project based on its overwhelming submarine technology capabilities.

Hanwha Ocean announced that it attended the 'Deep Blue Forum 2023,' Canada's only specialized submarine forum held locally in Ottawa, and signed a total of four Memorandums of Understanding (MOUs) with four local Canadian companies for the Canadian submarine project. The four Canadian companies that signed MOUs with Hanwha Ocean are CAE Inc, J-Squared Technologies, Modest Tree, and Des Nedhe. The event was attended by Hanwha Ocean’s Vice President and Head of the Special Ship Overseas Business Division, Jeong Seung-gyun, along with representatives from the five companies.

International defense material transactions fundamentally require meeting stringent and diverse offset trade conditions. The submarine acquisition project promoted by Canada also requires fulfilling conditions for the development of Canadian industry and technology, such as purchasing Canadian-made equipment, cooperating with local small and medium enterprises and Indigenous companies, and investing in technology development. Furthermore, to collaborate with local companies, independent submarine design capabilities and broad technological expertise that can be applied flexibly according to circumstances are necessary.

Hanwha Ocean has already been widely recognized domestically and internationally for its independent submarine design and development capabilities. Through the signing of these MOUs, Hanwha Ocean expects to leverage its strengthened cooperative network to fully demonstrate its capabilities and secure a favorable position in the submarine project promoted by Canada. Additionally, efficient cooperation with local Canadian companies is expected to significantly contribute to the development of Canadian industry and the friendly relations between Korea and Canada.

Jeong Seung-gyun, Vice President and Head of Hanwha Ocean’s Special Ship Overseas Business Division, said, "The signing of these MOUs has created a new paradigm of defense cooperation through partnerships between Hanwha Ocean and promising companies in Canada. Hanwha Ocean, as a leading Korean defense company with both technological prowess and integrity, will do its best to find the optimal solutions for national interests and the security of our allies."

The Canadian government is currently promoting the introduction of new submarines to replace the four Victoria-class submarines possessed by the navy, aiming to strengthen defense and maritime operational capabilities. Hanwha Ocean is the fifth company in the world to export submarines and the eighth to independently develop a 3,000-ton class submarine, possessing world-class submarine technology representing Korea. Leveraging this technological expertise and cooperation with local Canadian companies, Hanwha Ocean plans to successfully lead the Canadian submarine acquisition project and participate in design, construction, and logistics support.

Meanwhile, Canada’s 'Deep Blue Forum' is the only specialized submarine forum in Canada where government, military, shipbuilding companies, and equipment manufacturers gather to discuss technology, and this year marks its fourth edition.

This content was produced with the assistance of AI translation services.