HD KSOE and Fraser Industries Sign MOU to Revitalize US Shipyard

HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) announced the signing of a memorandum of understanding (MOU) with a US company to contribute to the revitalization of the North American country's shipbuilding industry, within the framework of Seoul's "Make American Shipbuilding Great Again" (Masga) initiative.

HD KSOE and Fraser Industries LLC finalized the agreement to provide an integrated package of expertise in shipyard design and construction, operating systems, and data management capabilities.

Fraser Industries stated that the partnership would serve as an important starting point for revitalizing the US shipbuilding industry.

"We plan to provide the necessary know-how, from shipyard design to operations, to help Fraser Shipyards become a hub for rebuilding the US shipbuilding industry," said Kim Hyung-kwan, President and CEO of HD KSOE.

The two companies plan to sign a contract later this year for a consulting program on shipyard modernization and use Fraser Shipyards, located on the shores of Lake Superior, as a pilot project to revitalize the US shipbuilding industry.

Masga, an acronym for "Make American Shipbuilding Great Again," is Seoul's initiative to support the US shipbuilding industry. This program was one of the key elements that helped South Korea reach a tariff agreement with the United States last year.

Under this initiative, Seoul has pledged to invest USD 150 billion to help revitalize the US shipbuilding industry, as part of a broader USD 350 billion investment commitment in the United States.