This graphic, provided by Hanwha Ocean Co. on Dec. 19, 2024, shows a representation of a frigate under the country’s planned FFX-Batch IV program. (Image courtesy of Yonhap)
SEOUL, July 16 (Korea Bizwire) — South Korean shipbuilder Hanwha Ocean Co. plans to establish a new overseas office in Canada as part of its efforts to strengthen its presence in the North American defense market, according to industry sources Wednesday.
The company’s board of directors approved the plan to set up the Canadian office during a meeting held on June 23, the sources said.
When launched, the Canadian office will become Hanwha Ocean’s seventh overseas branch, following ones in the United States, Japan, Singapore and Norway, among others.
The move comes as Hanwha Ocean is seeking to secure a major Canadian submarine contract.
Canada is currently pushing for the Canadian Patrol Submarine Project (CPSP), under which the country plans to acquire eight to 12 submarines with a total budget of up to 60 trillion won (US$43.7 billion).
In March, South Korea’s Defense Acquisition Program Administration announced that domestic defense companies would form a unified team to participate in the Canadian project.
A Hanwha Ocean official confirmed the plan to open the Canadian office but said, “Details of the establishment have yet been decided.”
(Yonhap)
