Hanwha Ocean Completes First U.S. Navy Vessel Maintenance Deal

Seoul, South Korea - Hanwha Ocean (042660. KS) has completed maintenance and repair operations on the U.S. Navy supply ship USNS Wally Schirra, marking the first time a South Korean shipbuilder has performed such work for the U.S. Navy.

The maintenance project, which took place at the company's Geoje shipyard over approximately six months, included hull and engine maintenance, equipment inspection and replacement, and system upgrades.

During maintenance, Hanwha Ocean identified additional repair requirements not included in the original contract, leading to a contract extension and increased project scope.

The company secured the maintenance contract in August 2024, one month after signing a Master Ship Repair Agreement with the U.S. Navy. 

In November 2024, Hanwha Ocean was awarded a second contract for the USNS Yukon, another vessel from the U.S. 7th Fleet.

According to the company, Hanwha Ocean is collaborating with small and medium-sized shipbuilders in the Geoje region for the Yukon project.

The global naval maintenance, repair, and overhaul market is approximately $8 billion. 

Hanwha Ocean aims to secure maintenance contracts for five to six U.S. Navy vessels by 2025 and expand its operations to other regions.