HD Hyundai, Kiewit to form JV to build shipyard in US
Officials of South Korean shipbuilding giant HD Hyundai Co. and U.S. engineering and construction company Kiewit attend a signing ceremony for a new joint venture, HD-Kiewit Shipbuilding LLC, in Houston, the United States, Thursday. Courtesy of HD Hyundai
Korean shipbuilding giant HD Hyundai Co. said Friday it will establish a joint venture with U.S. engineering and construction company Kiewit to build a new shipyard in the United States.
HD Hyundai and Kiewit signed an agreement in Houston on Thursday (local time) to establish the joint venture, tentatively named HD-Kiewit Shipbuilding LLC.
The joint venture plans to begin construction of the shipyard next year, with full-scale operations targeted for 2029.
Under the partnership, HD Hyundai will provide shipbuilding technology and production expertise, while Kiewit will leverage its engineering and construction capabilities to support the development of the facility.
HD Hyundai said the project is significant as it involves building a new shipyard rather than upgrading an existing facility, a move expected to help expand U.S. shipbuilding capacity and strengthen domestic supply chains.
The joint venture will explore business opportunities in U.S. Navy logistics support vessels and commercial ships, while also considering the production and supply of ship blocks and modules to U.S. shipyards.
The two companies also plan to expand their cooperation into port infrastructure development.
HD Hyundai said it expects the joint venture to mark an important milestone in strengthening its position as a strategic partner to the U.S. shipbuilding industry, vowing to contribute to expanding shipbuilding cooperation between the two nations.
"Together with HD Hyundai's world-class shipbuilding expertise, we see an opportunity to build a modern shipyard that expands U.S. shipbuilding capacity, develops a skilled workforce and strengthens the domestic supply chain," Chad Johnson, Kiewit Maritime Co. president, said in a release.