The American Bureau of Shipping (ABS) and South Korea’s HD Hyundai Heavy Industries (HHI) have signed a memorandum of understanding to collaborate across various fields. Key areas of focus include enhancing sustainability in offshore operations, decarbonization, and the adoption of digital innovations.

The two parties plan to jointly explore development opportunities in sectors such as offshore wind energy, marine substations, small modular reactors (SMR), offshore spaceport infrastructure, as well as carbon capture and storage (CCS) technologies.

In January of this year, HHI received preliminary approval for its own floating offshore substation design. Last week, the company reported a 172% increase in net profit for the first quarter of 2026 compared to the same period last year, reaching 774 billion won (USD 519 million). This financial growth is attributed to higher operating profits following the merger with HD Hyundai Mipo, increased productivity, and an improved product portfolio in both shipbuilding and engine manufacturing divisions. Additional contributing factors included higher margins from the Trion floating production unit project for Woodside Energy and the Ruya project for North Oil Company.

Hyundai Heavy Industries has not provided further comments on the current situation.