The agreement outlines cooperation across shipyard planning, construction and operations. HD KSOE, the intermediate holding company for HD Hyundai’s shipbuilding division, will provide expertise in shipyard design, production and operating systems, and data management as part of the modernization effort. 

The MOU was signed during a ceremony in Washington, D.C., attended by Fraser Industries CEO Patrick Kelly and HD KSOE CEO Kim Hyung-kwan. Shin Jong-Gye, professor emeritus at Seoul National University and technology adviser, also attended after helping facilitate the collaboration during its early stages. 

Under the agreement, the companies plan to work together on shipyard assessments, facility layout design, robotics and automation, process optimization, AI- and data-based digital solutions, supply chain expansion and workforce development. 

The companies said they expect to sign a contract later this year for a shipyard modernization consulting program. Fraser Shipyards, located on Lake Superior in Superior, Wisconsin, is expected to become the first site where the modernization approach will be implemented. 

The companies said the Great Lakes region’s established shipbuilding, repair and maintenance industry, along with its existing supply chain, made the location suitable for the project. 

Feature photo: left to right: South Korean Industry Minister Kim Jung-kwan, HD KSOE CEO Kim Hyung-kwan, Fraser Industries CEO Patrick Kelly and US Commerce Secretary Howard Lutnick