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HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai's shipbuilding business, signed a Memorandum of Understanding (MoU) with Fraser Industries to cooperate on shipyard modernization projects aimed at revitalizing the US shipbuilding industry.
The signing ceremony, held in Washington, D.C., was attended by President and CEO Kim Hyung-kwan and Chief Technology Advisor Shin Jong-gye, CEO of HD Korea Shipbuilding & Offshore Engineering, CEO Patrick V. Kelly of Fraser Industries, and other executives and officials from both companies.
Patrick V. Kelly, CEO of Fraser Industries, stated, "I am extremely pleased to join forces with HD Hyundai, which possesses world-class technological capabilities, to introduce advanced techniques across all shipyard operations. The cooperation between both companies will be an important starting point for the revitalization of the American shipbuilding industry."
This agreement marks the first project undertaken by HD Korea Shipbuilding & Offshore Engineering since the company added "development and supply of digital engineering and manufacturing platforms" to its business objectives in March and designated comprehensive shipbuilding solutions as a future growth engine.
Under the agreement, the two companies plan to collaborate throughout the entire shipyard lifecycle, from construction to operations, including shipyard assessments and solution development; shipyard and factory layout design; deployment of robotics and automation systems; optimization of costs, schedules, quality, and productivity; implementation of AI and data-driven digital solutions; and expansion of supply chains and workforce training.
To support these efforts, HD Korea Shipbuilding & Offshore Engineering plans to provide an integrated package of technologies and expertise necessary to build smart shipyards, which includes knowledge of shipyard design and construction, production and operation systems, and data management capabilities, thereby effectively transferring its experience in building and operating a shipyard.
Specifically, HD Korea Shipbuilding & Offshore Engineering and Fraser Industries plan to sign a contract this year for a shipyard modernization consulting program and use Fraser Shipyards, located on the shores of Lake Superior, one of the Great Lakes, as a demonstration model for the revitalization of the US shipbuilding industry.
The Great Lakes region is consolidating as a key hub for the revitalization of the US shipbuilding industry, in line with the US government's Maritime Prosperity Zones initiative. Fraser Shipyards, Fincantieri Marine Group, and Donjon Marine have formed the Great Lakes Shipyard Alliance and are jointly participating in projects such as the new US Coast Guard light icebreaker program.
