Hanwha Ocean, Babcock to team up for submarine exports

South Korea's Hanwha Ocean Co. said on Friday it signed a strategic partnership with the UK-based global defense industry giant Babcock International Group to expand its joint presence in global naval markets, including submarine exports.

Babcock secured a frigate project in Poland in 2022 and managed maintenance for four Victoria-class submarines in Canada under a contract since 2008.

Under the agreement, Hanwha Ocean and Babcock will jointly pursue submarine exports to Canada and Poland.

The two companies also plan to provide customized solutions for other global naval export projects.

Babcock Group CEO David Lockwood visited Hanwha Ocean’s Geoje Shipyard.

Lockwood was accompanied by Nick Hine, CEO of Babcock Marine and a former Royal Navy Admiral, and Mark Goldsack, Director of International Collaboration at Babcock and former head of UK Defence and Security Exports.

In June 2023, Hanwha Ocean signed a Technical Cooperation Agreement (TCA) with Babcock Canada for submarine projects.

In February, it entered a Teaming Agreement (TA) with Babcock in Poland to strengthen cooperation in global submarine projects.

Write to Hyon-woo Oh at ohw@hankyung.com