Hanwha Ocean Co. is joining forces with Babcock International Group Plc to pursue naval vessel contracts, intensifying South Korea’s push into the global defense market.
The agreement, announced by the South Korean shipbuilder, focuses on submarine projects in Canada and Poland, where Babcock already has established operations. The British defense contractor has been maintaining Victoria-class submarines for the Canadian Navy since 2008 and secured a Polish frigate project in 2022.
The partnership builds on earlier cooperation between the companies. Hanwha Ocean signed a technical agreement with Babcock’s Canadian unit last June and formed a team with the British firm’s Polish operations in February to collaborate on submarine ventures.
The deal combines Hanwha’s expertise in vessel construction with Babcock’s maintenance capabilities, according to company executives. Hanwha CEO Kim Hee-cheol said the alliance would strengthen their position in winning international defense contracts.
South Korean defense contractors have been expanding their global presence, capitalizing on the country’s growing reputation as a weapons supplier. The push comes as Western nations seek to diversify their defense supply chains amid rising geopolitical tensions.
The companies didn’t disclose financial terms of the agreement or specific contract targets.
