Hanwha Ocean expresses regret over a tragic incident at their shipyard resulting in the death of a Brazilian client.

Hanwha Ocean Expands Operations with New Canadian Office

South Korean shipbuilder Hanwha Ocean has made a significant move in its growth strategy by establishing a new office in Canada. According to news reports on Aug. 26, the company is planning to set up the Canadian office to pursue a major submarine contract.

The decision to establish a Canadian office comes as Hanwha Ocean continues to expand its operations beyond Korea. The company's shipyard, located in Geoje, South Gyeongsang, is not the only location for its expansion.

The US Department of Defense has provided a budget of 70 million dollars to expand Hanwha Ocean's American shipyard, but the company's investment in its U.S. operations is not limited to this additional funding.

The submarine contract that Hanwha Ocean is pursuing in Canada is a major opportunity for the company. The contract is a strategic move to tap into new markets for submarine contracts, as the company has shown strong post-acquisition performance among large M&A deals in Korea.

The establishment of Hanwha Ocean's Canadian office is a recent development, as reported in the same news article on Aug. 26. The company's shipyard was also featured in the article.

The expansion of Hanwha Ocean's operations is not driven solely by its strong post-acquisition performance in Korea. The company's global expansion is a result of its strategic moves to tap into new markets and pursue major opportunities, such as the submarine contract in Canada.

In conclusion, Hanwha Ocean's decision to establish a Canadian office is a significant step in the company's growth strategy. The company is investing an additional $70 million into its U.S. shipyard and is planning to pursue a major submarine contract in Canada. This move will help Hanwha Ocean tap into new markets and continue its success in the global shipbuilding industry.

Hanwha Ocean expresses regret over a tragic incident at their shipyard resulting in the death of a Brazilian client.