Hanwha Ocean Signs Exclusive Partnership with Greece's ONEX, Paving the Way for European Expansion

Participation in Navy and Coast Guard Projects
Expansion of Cooperation to Third-Country Markets

Hanwha Ocean announced on March 19 that it has signed a strategic cooperation agreement (Teaming Agreement) with the Greek shipbuilding company ONEX Group for business collaboration in Greece.

Hanwha Ocean signed a strategic cooperation agreement (Teaming Agreement) for business collaboration in Greece with ONEX Group on the 19th, attended by James Hellar, Charge d'Affaires of the U.S. Embassy in Korea (fourth from left), Seongcheol Uh, President of the Special Ship Business Division (fifth from left), Panagiotis Xenokostas, CEO of ONEX Group (sixth from left), and Lucas Chocos, Ambassador of Greece to Korea (fifth from right). Provided by Hanwha Ocean

The signing ceremony was attended by Lucas Chocos, Ambassador of Greece to Korea, and James Hellar, Charge d'Affaires of the U.S. Embassy in Korea. Representing Hanwha Ocean was Seongcheol Uh, President of the Special Ship Business Division, while ONEX Group was represented by CEO Panagiotis Xenokostas.

Under this agreement, the two companies plan to jointly participate in future submarine projects commissioned by the Greek Coast Guard and Navy. In particular, they will establish an exclusive cooperative relationship for these projects and, in the mid to long term, aim to expand the scope of their collaboration to neighboring countries and third-country markets, including the Mediterranean and Black Sea regions.

Panagiotis Xenokostas, CEO of ONEX Group, stated, "It is an honor to come to Seoul, the center of a global maritime powerhouse," adding, "I look forward to Korea, the United States, and Greece working together for shared security and prosperity."

Seongcheol Uh, President of the Special Ship Business Division at Hanwha Ocean, said, "Through exclusive cooperation with a major local shipyard, we plan to enter the local market stably and actively participate in upcoming projects for the Greek Coast Guard and Navy."

ONEX Group is the largest shipbuilding and defense company in Greece, operating the Syros Neorion Shipyard and the Elefsis Shipyard. Notably, it is backed by the U.S. International Development Finance Corporation (DFC), and this agreement is expected to serve as an important milestone for Hanwha Ocean's expansion into the European market.

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