South Korea's HD Hyundai Heavy Industries Co. announced on Thursday that it signed a Ship Maintenance Relations Agreement (MSRA) with the US Navy. It got the right to compete for the US Navy's maintenance, repair, and overhaul (MRO) work over the next five years.
HD Hyundai Heavy Industries applied for the US certification in May last year. The company underwent quality inspections in January, security inspections, and a financial review before being certified.
The company plans to enter the US naval ship MRO market, valued at 20 trillion won ($17 billion) annually.
In 2022, HD Hyundai Heavy Industries secured an overseas MRO contract by establishing a logistics support center in the Philippines.
HD Hyundai Heavy Industries aims to expand its MRO market reach to Asia and South America, anticipating its success in the US, the world's largest market, will positively influence contracts in other regions.