Hanwha Ocean qualifies to compete for US Navy MRO

South Korea's Hanwha Ocean Co. announced on Monday 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) projects. 

MSRA contractors are required to be capable of performing 55% of the work package on a Selected Restricted Availability (SRA) vessel. Possess an organization capable of planning, estimating, engineering, quality control, shipboard and off-ship production components, or system testing and trials. 

The company plans to strengthen its cooperation with the US Navy and solidify its position in the global defense market.

Hanwha Ocean applied for the MSRA in January. The company underwent quality inspections in April, security inspections, and a financial review before being certified.

The MSRA certification process, which typically takes over a year, was shortened to seven months.

Hanwha Ocean plans to utilize the recently acquired Philly Shipyard as a base for entering the US Navy ship market and conducting MRO operations.

The Philly Shipyard, located in Philadelphia, is the largest commercial dock in the US.

Write to Sang Hoon Sung at uphoon@hankyung.com