Hanwha Ocean announced today that it has signed a strategic Memorandum of Understanding (MOU) with Fermeuse Energy to jointly advance the Newfoundland and Labrador LNG development project in Canada. This collaboration underscores Hanwha's long-term industrial commitment to Canada, aligned with its participation in the Canadian Patrol Submarine Project (CPSP) and Canada's Arctic and multi-ocean strategic priorities.

This partnership establishes Hanwha Ocean as a long-term strategic partner to Fermeuse Energy, supporting the project's development, engineering, financing, shipbuilding, and LNG logistics across the full LNG value chain. The agreement reflects a shared vision to deliver a reliable and sustainable LNG supply that enhances energy security and contributes to the global energy transition.

Under the terms of the MOU, Hanwha Ocean will contribute its integrated global capabilities to the project, including conceptual studies, pre-FEED engineering. This approach is consistent with Hanwha's CPSP framework, which emphasizes end-to-end delivery of capabilities spanning design, construction, financing, and long-term sustainment.

The partnership framework also provides for the establishment of structured governance and joint execution planning, ensuring that Hanwha's participation enables not only technical progress but also commercialization and long-term operational success.

The collaboration is also aligned with Hanwha's broader participation in Canada's defense and industrial landscape. Hanwha Ocean is actively engaged in the CPSP, supporting Canada's Arctic and multi-ocean defense strategy. Hanwha's submarine offering for CPSP is structured to meet Canadian requirements while ensuring local sustainment, training, and supply chain development in Canada. By linking its LNG-sector cooperation with the CPSP Industrial and Technological Benefits (ITB) framework, Hanwha is positioning this partnership as part of a wider, long-term contribution to Canada's sovereign industrial base.

"Hanwha is approaching Fermeuse Energy not merely as a service provider, but as a trusted partner committed to supporting the project from concept through execution and commercialization,” said Sung-chul Eo, President of Hanwha Ocean’s Naval Ship Division. “By leveraging the combined capabilities of Hanwha Ocean and the broader Hanwha Group portfolio, together with the support of the Korean government, we will contribute meaningfully to the successful realization of Newfoundland and Labrador's LNG potential."

Swapan Kataria, CEO of Fermeuse Energy, welcomed the partnership, noting that Hanwha's integrated energy and maritime capabilities provide a strong foundation for advancing the project. The company added that the MOU marks an important step in establishing global cooperation and ensuring that the Newfoundland LNG project progresses with both technical excellence and commercial viability. He further affirmed his support for Hanwha's submarine bid, as well as Prime Minister Carney's vision to build a stronger and self-reliant Canada.

Hanwha is a global leader in energy, shipbuilding, aerospace and defense, and infrastructure development, founded in 1952 and operating across more than 50 countries. Fermeuse Energy is a Canadian LNG development company focused on unlocking Newfoundland and Labrador's natural gas resources for global export while promoting sustainable growth and regional economic development.

About Hanwha Ocean

Hanwha Ocean is a leading global company with extensive expertise and experience in the shipbuilding and offshore industry. Boasting the world’s most competitive LNG carriers built with eco-friendly and highly efficient technology, the company has continuously pioneered new businesses since 1973, producing a vast range of vessels, including commercial ships, drillships, and naval ships. Hanwha Ocean will be at the forefront of pioneering advanced marine solutions for decarbonization and further expand Hanwha’s green energy ecosystem to create positive, sustainable change throughout the world.

About Fermeuse Energy Limited

Fermeuse Energy Limited is a Newfoundland and Labrador-based company focused on developing sustainable energy infrastructure and commercializing offshore resources. Fermeuse Energy Limited leverages local expertise and global partnerships to position the province as a leader in clean energy exports.