HLB Ocean Tech Signs MOU to Build Shipbuilding Supply Chain in Saudi Arabia

(From left) Kim Ki-won, CEO of HLB Ocean Tech; Woo Kwon-sik, Head of the Naval & Special Ship Business Unit at HD Hyundai Heavy Industries; and an official from the Ministry of Investment of Saudi Arabia sign a memorandum of understanding during the World Defense Show (WDS) 2026 held in Riyadh on Feb. 8 (local time). (Photo courtesy of HLB)

 

HLB Ocean Tech announced that it signed an MOU with Saudi Arabia’s Ministry of Investment (MISA), HD Hyundai Heavy Industries, and other partners during WDS 2026 in Riyadh to establish a local shipbuilding supply chain. The agreement supports Saudi Arabia’s industrial localization policy and long-term maritime strategy, aiming to strengthen local supply chains and expand technological cooperation. The partnership is expected to boost industrial competitiveness and promote sustainable growth in the shipbuilding and offshore sectors, while accelerating maritime infrastructure modernization and energy sector expansion across the Middle East.

Specializing in core equipment for offshore plants and specialized vessels, HLB Ocean Tech has extensive experience in major offshore projects such as FLNG and FPSO developments. The company’s technical expertise and global track record are seen as key factors behind the collaboration. With average annual revenue growth exceeding 30% since 2023 and a return to profitability in 2024, the company anticipates significant operating profit growth in 2025. The agreement also aligns with Saudi Arabia’s Industrial Participation Program (IPP), further supporting local production and the development of a broader maritime and offshore industry ecosystem.

IT Times: https://www.ittimes.com/news/articleView.html?idxno=83241

HLB Ocean Tech Signs Saudi Shipbuilding Supply Chain MOU with MISA and HD HHI - IT타임스