AtkinsRéalis signs memorandum of understanding with Hanwha Ocean

AtkinsRéalis Group Inc. signage is shown in Montreal. THE CANADIAN PRESS/Christinne Muschi

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.