HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company of HD Hyundai’s shipbuilding business, said Thursday it has signed a memorandum of understanding with Fraser Industries LLC on cooperation to modernize shipyards for the revitalization of the U.S. shipbuilding industry.
The signing ceremony was held in Washington and attended by senior officials from both companies, including HD KSOE CEO Kim Hyung-kwan, technical adviser Shin Jong-gye and Fraser Industries CEO Patrick V. Kelly.
The agreement is the first project since HD KSOE moved in March to expand its business into digital engineering and manufacturing platforms, signaling its push to offer shipyard construction and modernization services.
Under the MOU, HD KSOE plans to provide its shipyard design and construction know-how, production and operation systems and data management methods as a package, effectively offering Fraser guidance on how to build and operate a smart shipyard.
The two companies plan to sign a formal contract later this year on consulting services to modernize Fraser Shipyards, located on Lake Superior in the Great Lakes region. HD Hyundai said the shipyard will serve as a test bed for efforts to rebuild the U.S. shipbuilding industry.
Fraser Shipyards, Fincantieri Marine Group and Donjon Marine have formed the Great Lakes Shipbuilding Alliance and are jointly participating in a U.S. Coast Guard icebreaker project.
“We are very pleased to partner with HD Hyundai, which has world-class technological capabilities, to introduce advanced practices across shipyard operations,” Kelly said. “Cooperation between the two companies will mark an important starting point for the revival of the U.S. shipbuilding industry.”
Kim said HD KSOE will support Fraser Shipyards so it can become a key base for rebuilding America’s shipbuilding industry by providing expertise from shipyard design to operations.
“We will expand cooperation into various areas and become a reliable partner for the U.S. shipbuilding industry,” Kim said.
HD Hyundai has been expanding activities to support the reconstruction of the U.S. shipbuilding industry, including local construction cooperation and workforce training. Last October, HD Hyundai Executive Vice Chairman Chung Ki-sun said in a keynote speech at the APEC Future Tech Forum in Gyeongju that the company was ready to take part in America’s shipbuilding innovation journey as a reliable partner in opening a new maritime renaissance.
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