SEOUL (dpa-AFX) - HD Hyundai Co., Ltd. (267250.KS), a South Korean shipbuilding and offshore engineering company, and Kiewit Maritime Co., an affiliate of U.S. engineering and construction company Kiewit, said they plan to establish a joint venture, HD Kiewit Shipbuilding LLC, to develop an advanced shipyard in the United States.
The proposed shipyard will be built on an existing industrial site with deepwater access to the Gulf. Construction is targeted to begin in 2027, with full-scale operations expected in 2029. The facility could support up to 3,000 jobs at full capacity.
The venture plans to introduce HD Hyundai's 'Future of Shipyard' model and digital manufacturing technologies, including digital twins, automated production systems and robotic welding, to improve productivity, quality and safety.
The joint venture will initially explore opportunities to build naval auxiliary and commercial vessels, as well as fabricate ship blocks and modules for U.S. shipbuilders. The companies also plan to expand cooperation in maritime infrastructure.
'Our proposed joint venture HD Kiewit Shipbuilding marks an important milestone in HD Hyundai's journey to become a strategic partner to the U.S. shipbuilding industry,' said Hannae Choi, Executive Vice President and Head of Corporate Planning Division of HD Korea Shipbuilding & Offshore Engineering.
'Together with HD Hyundai's world-class shipbuilding expertise, we see an opportunity to build a modern shipyard that expands U.S. shipbuilding capacity, develops a skilled workforce and strengthens the domestic supply chain,' said Chad Johnson, President of Kiewit Maritime Co.
On the KSE, HD Hyundai shares were down more than 3% at KRW 137,600 on Friday.
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