MONTREAL – Engineering firm AtkinsRéalis Group Inc. has signed a memorandum of understanding with Hanwha Ocean, the South Korean shipbuilder hoping to win the contract for the Canadian navy’s next fleet of submarines.
The companies say the agreement is a first step and creates a framework for long-term collaboration to explore opportunities supporting Canada’s submarine capability.
Steve SK Jeong, a senior executive vice-president at Hanwha Ocean, says AtkinsRéalis brings strong experience in complex systems and life cycle support, together with a strong understanding of the Canadian environment.
Jeong says the agreement establishes a basis to explore how the companies can work together in submarine capability, industrial capability development in Canada, and long-term support.
The South Korean company and ThyssenKrupp Marine Systems, or TKMS, are the finalists in a competition to build a fleet of up to 12 conventionally powered submarines for the Canadian navy.
Hanwha and South Korean officials have framed the submarine contract as a starting point for a deeper industrial relationship between Canada and Korea.
This report by The Canadian Press was first published April 14, 2026.
Companies in this story: (TSX:ATRL)
