Hanwha Ocean inks agreement to enter Greece’s naval defense market

Hanwha Ocean signed a strategic teaming agreement with Onex Group on March 19 to cooperate on defense business in Greece. From fourth left: James Heller, the charge d’affaires at the U.S Embassy in Korea; Eo Sung-cheol, head of Hanwha Ocean’s special ship business unit; Panagiotis Xenokostas, CEO of Onex Group; and Loukas Tsokos, Greece’s ambassador to Korea, pose for a photo after the signing ceremony held at Hanwha Ocean’s office in central Seoul on March 19. [HANWHA OCEAN]

 

Hanwha Ocean said on Thursday it has entered Greece’s naval defense market through a strategic partnership with Onex Shipyards & Technologies, the country’s largest shipbuilder.

 

Under the agreement, the two companies will participate as exclusive partners in submarine and other naval projects commissioned by the Hellenic Coast Guard and Navy. They also plan to explore joint opportunities in third countries, including those neighboring Greece in the Mediterranean and Black Sea regions.

 

Onex, Greece’s largest shipbuilding and defense company, operates the Syros Neorion and Elefsis shipyards. The partnership is expected to create synergies that will support Hanwha Ocean’s expansion into the European market.

 

The agreement was signed by Eo Sung-chul, head of Hanwha Ocean’s special ship unit, and Panagiotis Xenokostas, chief executive of Onex Group. The signing ceremony was also attended by Loukas Tsokos, Greece’s ambassador to Korea, and James Heller, the chargé d’affaires at the U.S. Embassy in Korea.

BY LEE JAE-LIM [[email protected]]