Hanwha Ocean has taken a step toward the Greek marine defense sector by signing a strategic cooperation agreement with ONEX Group, Greece’s largest shipbuilding and defense company, on 19 March.

The agreement sets the two companies to work together under mutually exclusive arrangements on submarine programmes to be ordered by the Greek Coast Guard and the Greek Navy. The partnership gives Hanwha Ocean a local cooperation framework as it seeks a steadier entry into Greece.

A company official said Hanwha Ocean plans to build its presence through exclusive cooperation with a major local shipyard and to take part actively in upcoming projects linked to the Greek Coast Guard.

The agreement was signed by Eo Sung-chul, president of the Special Shipbuilding Division at Hanwha Ocean, and Panagiotis Genocostas, chief executive officer of ONEX Group.

In the mid- to long-term, the two sides also agreed to review cooperation opportunities in third-country projects. Those discussions may cover areas around Greece, including the Mediterranean and the Black Sea.

ONEX Group operates the Syros Neorion Shipyard and the Elefsis Shipyard.