Babcock forms Strategic Partnership with Hanwha Ocean
Babcock has signed a Strategic Cooperation Agreement with Hanwha Ocean to further its development in the global naval market and to underpin its existing relationship with the South Korean shipbuilding and offshore company.
Image courtesy Babcock
The Strategic Cooperation Agreement outlines Babcock and Hanwha Ocean’s aim to deepen their cooperation in major global naval procurement projects including the Polish Orka submarine programme and the Canadian Patrol Submarine Project, leveraging their respective strengths to provide tailored solutions for clients throughout the entire lifecycle of naval platforms – from acquisition to operation.
During a visit to Korea, David Lockwood, Chief Executive Officer of Babcock, visited Hanwha Ocean’s Geoje Shipyard and discussed Hanwha Ocean’s capabilities in ship design, construction, and maintenance, repair, and overhaul (MRO).
Babcock’s collaboration with Hanwha Ocean dates back to June 2023, when Babcock Canada signed a Technical Cooperation Agreement (TCA) to support Canada’s submarine sustainment programmes and cooperate on the Canadian Patrol Submarine Project. In February this year, the two companies also entered a Teaming Agreement (TA) to collaborate on global submarine programmes.
During the strategic partnership signing ceremony, David Lockwood emphasised the potential of the partnership, stating: “By establishing a strategic partnership with Hanwha Ocean, we aim to significantly enhance our competitiveness in the export naval market and local sustainment support sectors.
“This strengthens our existing relationship and sets the framework for future collaborations.”
Hanwha Ocean CEO, Hee-Cheul Kim, remarked: “There is a strong synergy between Hanwha Ocean’s competitiveness in ship platform construction and Babcock’s strengths in global sustainment support services. This partnership will not only improve our chances of securing major global naval procurement projects but also enable us to deliver seamless services throughout the lifecycle of naval platforms.”
Accompanying David Lockwood were Sir Nick Hine, Chief Executive of Babcock – Marine and former Second Sea Lord of the Royal Navy, Jerry McLean, CEO of Babcock Canada and Mark Goldsack, Managing Director of Business Growth & AUKUS at Babcock and former head of the UK Defence and Security Exports (UKDSE).