Calepin des entreprises international 2026 VA.pdf — page 124

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Business trends
	
 KSOE revenues reached 25.539 trillion won (€17.3 billion) in 2024, up 19.9% year-on-year in local currency. 
The Shipbuilding division recorded a 24.7% increase during the year. Hyundai Heavy Industries (HHI), the only 
KSOE shipyard involved in military shipbuilding, posted revenues of 14.476 trillion won in 2024 (€9.8 billion, up 
21.1% year-on-year in local currency).
	
 HHI signed two letters of intent in April 2025: one with the American classification society ABS to evaluate the 
designs and ensure their compliance with international standards for the HDF-3200 frigate, the HDP-2200 
offshore patrol vessel and the HDA-24000 auxiliary vessel, which could facilitate their sales in the United States 
and allied countries, and the other with the Peruvian public group SIMA to jointly develop a new class of small 
submarine based on the HDS-1500 design for the Peruvian Navy.
Home market
	
 HHI is a major supplier to the Republic of Korea Navy (ROKN), alternating or competing (depending on the 
programme) with its domestic peer Hanwha Ocean.
	
 The fourth KDX-III Sejong Daewang-class stealth destroyer and first unit of the second batch built by 
HHI, named Jeongjo Daewang, entered service with the ROKN in November 2024. The fifth unit, named 
Dasan Jeong Yak-yong, was launched in September 2025.
	
 In December 2024, HHI delivered the first FFX-III frigate, named Chungnam, to the ROKN. However, 
SK Oceanplant and Hanwha Ocean will supply the following ships (three and two units respectively).
	
 In June 2025, HHI delivered the submarine Yun Bong-Gil (SS-077) to the ROKN after refurbishment work that 
began in January 2023. The submarine is the fifth unit of the Son Won-il class, based on the Type 214 from 
tkMS, and was built under licence by HHI.
Export markets
	
 HHI has a marginal export presence. However, the shipyard won contracts, in 2022 and 2024 respectively, 
with the Philippine Navy to supply six HDP-2200+ offshore patrol vessels, and with the Peruvian Navy to supply 
four ships: one 3,400-tonne frigate, one 2,200-tonne offshore patrol vessel and two 1,400-tonne landing ships.
	
 In January 2025, Peru’s SIMA began construction of the first of four vessels ordered in April 2024 at the Callao 
shipyard, with technical assistance from HHI. Delivery of the vessel is expected from the end of 2026.
	
 HHI and the Portuguese Navy entered into a strategic partnership in April 2025 for the construction and repair 
of naval vessels, and in particular to design two small submarines based on HHI’s HDS-2300, HDS-1500 or 
HDS-800 submarine.
	
 The first frigate ordered from HHI by the Philippine Navy, named Miguel Malvar, entered service in May 2025. 
The second unit, Diego Silang, was delivered in September 2025. In addition, HHI launched the first of six 
HDP-2200+ offshore patrol vessels, named Rajah Sulayman, for the Philippine Navy at its Ulsan shipyard in 
June 2025. The OPV is scheduled for delivery in March 2026, with the remaining five to be delivered by 2028.
Technology and Innovation
	
 Self-financed R&D expenditure amounted to 194 billion won (€132 million) in 2024, representing 0.8% of 
revenues.
	
 In April 2025, the ROKN awarded HHI a contract to design an unmanned surface vehicle by December 2025. 
This USV will be able to carry out reconnaissance and close combat missions in place of manned ships. 
It will be approximately 30 metres long with a displacement of 100 tonnes, will be electrically powered and will 
incorporate artificial intelligence components supplied by the American company Anduril.
STRATEGIC HIGHLIGHTS
KOREA SHIPBUILDING & OFFSHORE ENGINEERING (KSOE)