South Korean shipbuilding and heavy industries group HD Hyundai (KRX:267250) and Texas-based Kiewit Corporation subsidiary Kiewit Offshore Services entered into a partnership agreement to collaborate on shipbuilding projects serving the U.S., according to a Friday release.
The partnership aims to expand U.S. shipbuilding capacity, boost the maritime industrial base, strengthen domestic manufacturing, and further expand opportunities for collaboration in the future, the release said.
Under the agreement, the two firms will collaborate on U.S. shipbuilding projects, which would include the fabrication of ship blocks and modules, it said.
Shares of HD Hyundai fell over 1% in recent trade.