Gastops and Hanwha Ocean Sign MOU to Collaborate on Canadian Patrol Submarine Project

OTTAWA, ON, June 4, 2024 /PRNewswire/ -- Gastops and Hanwha Ocean have announced the signing of a Memorandum of Understanding (MOU) to explore collaborative opportunities within the Canadian Patrol Submarine Project ("CPSP") and other maritime initiatives, both domestically and internationally.

Hanwha Ocean is one of the world's premier specialized commercial and naval shipbuilding and offshore contractors, with extensive experience in the design, construction, maintenance, and marketing of various types of vessels, submarines, combatant surface ships, offshore platforms, drilling rigs and floating oil production units. This MOU represents the initial step toward establishing a potential cooperation.

Gastops is a long-standing provider of specialized propulsion system integration services to Naval, Coast Guard and system integrators, shipyards, and marine control system companies around the world.  Gastops utilizes dynamic modelling and simulations to validate propulsion machinery selection, develop and substantiate propulsion machinery control algorithms, evaluate propulsion machinery performance, and support the marine propulsion system design process. 

"We see significant opportunities for synergies between Hanwha Ocean and Gastops. With the signing of the MOU, Hanwha can begin developing a strategic relationship which will also enhance and strengthen the relationship between Korea and Canada", said Yong Ook Lee, COO, Head of Naval Ship Business, Hanwha Ocean.

"We are honoured to enter into this agreement with Hanwha Ocean Co., Ltd. This MOU marks a significant step forward in our efforts to enhance marine capabilities and deliver cutting-edge solutions that enhance vessel performance and reduce risk in the ship build process," said Shaun Horning, President, and CEO of Gastops Ltd. "By combining our expertise and resources, we are poised to achieve remarkable advancements in the Canadian Patrol Submarine Project and other key maritime initiatives globally."

Today's signing of this MOU represents initial steps toward establishing potential cooperation in many facets of marine propulsion and health monitoring solutions.

Gastops is a global leader in intelligent condition monitoring solutions, serving Aerospace, Defence, Energy, and Industrial sectors since 1979. With a comprehensive range of services including online monitoring sensors, modeling and simulation, engineering, design, and MRO services, Gastops enables proactive operating decisions to optimize asset availability, performance, and safety.

Hanwha Ocean, founded in 1973 in Okpo Bay, Korea, is one of the world's premium shipbuilders and offshore contractors. Hanwha Ocean specializes in the design and construction of various naval and commercial vessels, including submarines, destroyers, container ships, and tankers as well as offshore platforms, drilling rigs and FPSO/FPUs.

Media Contacts: Ruth Kearnan, media@gastops.com, 613.744.3530; Keelan Green, green@prospectus.ca, 613-220-2016