AtkinsRealis Group (ATRL.TO), a global engineering services and nuclear company, on Tuesday signed a memorandum of understanding with Hanwha Ocean, a global shipbuilding and submarine manufacturer, to collaborate on boosting Canada's submarine capabilities.
The agreement aligns with Canada's new Defence Industrial Strategy and includes the development of domestic industrial capacity for submarines, AtkinsRealis said.
Under the terms, the two companies plan to cooperate on submarine infrastructure design and delivery across the full platform lifecycle, while working alongside government, industry and the Royal Canadian Navy.
They will also support Canada in creating the industrial base required for domestic submarine production and related initiatives.
In addition, the two companies will leverage their strengths, technologies and industrial capabilities in the nuclear, power, and wider defense sectors to generate new strategic collaborative opportunities for Korean and Canadian industry in these high-technology markets.
"This memorandum of understanding is a practical step to explore how AtkinsRealis' global experience in defense, combined with our Canadian capabilities, can support Hanwha Ocean in strengthening Canada's sovereign submarine readiness and resilience, which will in turn support a high-tech manufacturing base and generate long-term economic benefits at home," said Stephanie Vaillancourt, president of AtkinsRealis Canada.
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