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Seoul, Korea (April 18, 2012) – Hanjin Heavy Industries and Construction Co., Ltd. (KOSPI: HHIC) announced
today that its subsidiary, HHIC Philippines, Inc. (HHIC-PHIL), has signed an agreement with AMSEC LLC, a subsidiary of Huntington Ingalls Industries (NYSE: HII), to work together in providing maintenance, repair, and logistics services (MRL Services) to the U.S. Navy and other customers in the Western Pacific region.
For HHIC-PHIL, the agreement enables it to diversify its operations at Subic Bay, leveraging its investment and
increasing long term revenue stability while benefiting from Huntington’s expertise as the largest US Naval shipbuilder.
“We could not be more pleased with this new strategic relationship with AMSEC and Huntington Ingalls,” commented
Jin Kyu Ahn, president of HHIC-PHIL. “Combining AMSEC’s industry leading technical services capabilities with
HHIC-PHIL’s unparalleled production ability, technologies and quality, delivered from the world’s most efficient marine
production system will allow us to offer MRL Services at new levels of value to customers.”
“It’s great that AMSEC’s relationship with HHIC-PHIL has been firmly established,” said Harris Leonard, HII
vice president and president of AMSEC operations. “This partnership enables us to leverage Hanjin’s state of the art
shipyard at Subic Bay, and I am confident we’ll be able to expand our efforts in providing quality technical services to our
most important customer, the U.S. Navy, wherever they may be operating.”
HHIC-PHIL is a subsidiary of Hanjin Heavy Industries and Construction. Completed in Subic Bay, Philippines in 2009, HHIC-PHIL’s Subic Shipyard is equipped with high-tech shipbuilding facilities that include two(2) mega-docks with
550m in length and 135m in breadth, 4 km of waterfront quay facilities, four(4) units of Goliath Cranes and an Assembly Shop with automated facilities of 1,000m in length. Hanjin’s Subic Bay Shipyard generates 5 percent of the GDP
of the Republic of the Philippines and is one of the largest single employers in the Philippines. Because of the
capabilities of the Subic Shipyard, the Philippines currently ranks as the world’s 5th largest ship building country.
HHIC is a world leader in shipbuilding, construction, and other diversified businesses. Since its founding in 1937 as
Korea’s first shipbuilder, HHIC has been a leading force in Korea’s economic development with its many
“first-in-Korea” achievements in ship construction and heavy industry. With offices in 8 countries around the world,
including Korea, US, Greece, UAE, and Hong Kong, HHIC’s employees continue to be industry leaders in HHIC’s
diversified businesses with world class creativity, capability, technical expertise, and dedication to delivering customer
value.
AMSEC LLC is a subsidiary of Huntington Ingalls Industries. With approximately 2,000 employees in 27 locations
nationwide and overseas, AMSEC is a full-service supplier to the Navy and commercial maritime industry, providing
naval architecture and marine engineering, naval ship systems assessments, maintenance engineering, waterfront
maintenance support, acquisition program support, shipyard industrial engineering and C4I installation and support
services. AMSEC also provides life-cycle integrated logistics services, including technical manual development,
provisioning documentation, spare parts management, training development and delivery, and software development.
Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has
built more ships in more ship classes than any other U.S. naval shipbuilder. Employing nearly 38,000 in Virginia,
Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls
Shipbuilding.
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