Hanwha Power announced recently that it has signed a memorandum of understanding with Malaysia Hengyuan Bhd (MHB), Malaysia’s largest shipyard, to jointly pursue newbuild and ship conversion projects.
Under the agreement, the two companies will accelerate the supply of next-generation eco-friendly maritime solutions to proactively respond to changes in the global offshore energy market. Hanwha Power will provide priority engineering and procurement services for MHB’s newbuild and conversion projects. MHB plans to expand its business structure from ship conversion into the newbuild market.
The companies plan to strengthen global competitiveness by combining Hanwha Power’s turnkey management capabilities spanning ship design, manufacturing, and finished vessel delivery with MHB’s engineering, procurement, construction, installation, and commissioning (EPCIC) expertise. MHB is a Malaysian offshore construction and ship repair and conversion specialist, recognized for its world-class capabilities particularly in liquefied natural gas (LNG) carrier repair.
The two companies are focusing their collaboration on maritime decarbonization. Hanwha Power possesses next-generation maritime technology capabilities including technology to convert aging LNG carriers into floating storage and regasification units (FSRUs), eco-friendly ship conversion, and high-efficiency energy solutions.
“By combining Hanwha Power’s maritime technology and energy efficiency solutions with MHB’s EPCIC capabilities, we will support our customers’ decarbonization journey and drive sustainable maritime innovation,” said Kim Hyung-seok, head of Hanwha Power’s Ship Solutions Business Division.
“Partnering with Hanwha Power, a leader in green solutions, represents a strategic milestone for portfolio diversification and entry into the newbuild market,” said Mohd Nazir Mohd Nor, CEO of MHB. “Through this partnership, we will support our customers’ carbon neutrality efforts and strengthen our position as a leader in the sustainable maritime solutions market.”