South Korea’s Hanwha Ocean Co. has recently secured a significant opportunity by signing a Ship Maintenance Relations Agreement (MSRA) with the US Navy. This agreement allows Hanwha Ocean to compete for the US Navy’s maintenance, repair, and overhaul (MRO) projects, marking a substantial step in the company’s expansion into the global defence market.
MSRA Certification and Capabilities
To qualify as an MSRA contractor, Hanwha Ocean demonstrated its capability to perform 55% of the work package on a Selected Restricted Availability (SRA) vessel. This includes a range of organizational skills such as planning, estimating, engineering, quality control, shipboard and off-ship production components, and system testing and trials.
The certification process, which usually spans over a year, was expedited and completed in just seven months for Hanwha Ocean. The company applied for the MSRA in January, and underwent quality inspections in April, followed by security inspections and a financial review before being certified.
Strategic Acquisition of Philly Shipyard
Hanwha Ocean plans to leverage its newly acquired Philly Shipyard as a strategic base for entering the US Navy ship market and conducting MRO operations. The Philly Shipyard, located in Philadelphia, is the largest commercial dock in the US, providing a substantial infrastructure advantage. This acquisition aligns with Hanwha Ocean’s strategy to strengthen its cooperation with the US Navy and solidify its presence in the global defence sector.
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Source: THE KOREA ECONOMIC DAILY
