Hanwha Aerospace Wins $1.9 Billion Norway Rocket Deal

(MENAFN- IANS) Seoul, Jan 28 (IANS) Hanwha Aerospace has secured an estimated $1.9 billion project to supply its K239 Chunmoo multiple rocket launcher systems to Norway, with the official contract expected to be signed this week, informed industry sources said on Wednesday.

The contract is widely expected to be signed Friday in Oslo by Hanwha Aerospace and the Norwegian Defence Materiel Agency (NDMA), the sources with direct knowledge of the matter told Yonhap News Agency while speaking on condition of anonymity.

Kang Hoon-sik, South Korea's presidential chief of staff, is expected to attend the signing ceremony, according to the sources.

Kang is currently visiting Canada as part of a trip widely believed to be aimed at supporting the country's defence exports.

Just before his departure from Seoul on Monday, Kang said he would also travel to Norway to discuss ways to expand defence cooperation between the two countries.

The deal comes as Norway seeks to bolster its long-range precision strike capability amid heightened security concerns in Europe.

According to the sources, the deal includes an offset requirement, a standard requirement under Norway's defence procurement rules, the sources said.

For all defence projects exceeding 50 million Norwegian kroner (US$5.2 million), foreign suppliers are required to provide industrial cooperation equal to 100 percent of the contract value, typically through a technology transfer and partnerships with local companies.

The agreement marks Hanwha Aerospace's latest major success in the Nordic defence market, following its previous contracts to supply K9 Vidar self-propelled howitzers to Norway in September.

Industry observers say the deal further underscores Hanwha's growing footprint in Europe and its ability to meet stringent operational and industrial requirements set by European defence customers.

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