HD Hyundai Heavy enters U.S. naval repair market

HD Hyundai Heavy Industries Co., South Korea's major defense and shipbuilding company, said Thursday it has signed an agreement with the U.S. Navy to enter the U.S. naval ship maintenance, repair and overhaul (MRO) market. Under the Master Ship Repair Agreement (MSRA) with the Naval Supply Systems Command, HD Hyundai Heavy is eligible for MRO tasks for U.S. naval vessels at their local shipyards for the next five years, according to the Korean company. The MSRA is an arrangement between the U.S. Navy and private shipbuilding contractors, allowing the latter to participate in MRO projects for U.S. naval vessels worth an annual 20 trillion won (US$14.5 billion) HD Hyundai Heavy applied for an MSRA last year and successfully underwent the U.S. Navy's inspections regarding its capability, security and financial status. HD Hyundai Heavy said it will build a trusting relationship with the U.S. military authorities by successfully performing MRO of U.S. Naval ships. Following this, it hopes to secure new projec ts to build various types of vessels, including special-purpose vessels, ordered by the U.S. government. Source: Yonhap News Agency