South Korean shipbuilding giant HD Hyundai Heavy Industries Co. said Thursday it has opened an office in the Philippines in an effort to tap deeper into Southeast Asia’s growing warship market.
HD Hyundai Heavy, a unit of HD Korea Shipbuilding and Offshore Engineering Co., said it held an opening ceremony for the engineering office for special vessels in Manila on Wednesday.
The office will be manned by design engineers and sales staff, as well as maintenance, repair and overhaul (MRO) workers, providing technological assistance and consulting services for warranty repair.
The move comes as the Philippines is expected to emerge as a key warship market for HD Hyundai Heavy, which has won six warship orders from the country so far.
An HD Hyundai Heavy official said the Manila engineering office will become the company’s springboard for making inroads into the Southeast Asian and global special ship markets.
According to British military intelligence provider Janes, Southeast Asia’s maritime defense spend
ing is projected to grow to US$10 billion in 2030 from $8 billion in 2023.
HD Korea Shipbuilding and Offshore Engineering, a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai, has three domestic units under its wing — HD Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.
Source: Yonhap News Agency