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According to a statement by Fermeuse, this partnership establishes Hanwha as a long-term strategic partner to the company, supporting the project’s development, engineering, financing, shipbuilding, and LNG logistics across the full LNG value chain.
Under the terms of the memorandum, Hanwha will contribute its integrated global capabilities to the project, including conceptual studies and pre-FEED engineering.
This approach is consistent with Hanwha’s CPSP framework, which emphasizes end-to-end capability delivery spanning design, construction, financing, and long-term sustainment.
Moreover, Fermeuse said the partnership framework also provides for the establishment of structured governance and joint execution planning, ensuring that Hanwha’s participation enables not only technical progress but also commercialization and long-term operational success.
The collaboration is also aligned with Hanwha’s broader participation in Canada’s defense and industrial landscape.
Hanwha is actively engaged in the CPSP, supporting Canada’s Arctic and multi-ocean defense strategy.
Sung-chul Eo, president of Hanwha Ocean’s naval ship division, said that Hanwha is “approaching Fermeuse not merely as a service provider, but as a trusted partner committed to supporting the project from concept through execution and commercialization.”
“By leveraging the combined capabilities of Hanwha Ocean and the broader Hanwha Group portfolio, together with the support of the Korean government, we will contribute meaningfully to the successful realization of Newfoundland and Labrador’s LNG potential,” he said.
NextDecade
Hanwha and its units already have a stake in US LNG firm NextDecade, which is building the Rio Grande LNG export terminal in Texas.
According to Hanwha Ocean’s quarterly presentation, Hanwha Group has a 22.7 percent stake (HIP 9.1 percent, Aerospace 6.8 percent, Ocean 6.8 percent) in NextDecade and is the largest shareholder.
In October last year, NextDecade took final investment decisions on the fourth and fifth train, bringing the total expected LNG production capacity under construction at Rio Grande LNG to approximately 30 mtpa.
$12-15 billion project
Last year, Crown LNG and Fermeuse announced plans to build a liquefaction and export facility valued at up to $15 billion in Newfoundland and Labrador.
According to Fermeuse, the liquefaction hub will be located at the planned Fermeuse marine supply base, transforming Newfoundland and Labrador into a “major” LNG exporter to Europe and beyond.
Fermeuse will deploy “advanced” LNG technology to help unlock the province’s 9.7 Tcf (trillion cubic feet) of offshore associated gas reserves in the Jeanne d’Arc Basin.
This estimate is more than triple the initial estimate for Nova Scotia’s Sable Island, Fermeuse said.
The estimated $12-15 billion project promises “significant economic benefits, including provincial royalties,” it said.