Hanwha Ocean secured a maintenance, repair and overhaul (MRO) contract with the U.S. Navy on Thursday, becoming the first South Korean shipyard to secure such an agreement. This deal allows Hanwha Ocean to conduct comprehensive maintenance on a 40,000-ton U.S. Navy logistics support vessel at its Geoje Shipyard in South Korea.

It presents both opportunities and risks, offering Hanwha Ocean a chance to expand its market presence while also posing challenges related to regulatory compliance, cybersecurity and geopolitical dynamics.