June 19, 2026 [Port News]- Hanwha Ocean Co Ltd has signed a non-binding memorandum of understanding with Kanata Clean Power & Climate Technologies Corp to explore a role in Kanata’s proposed floating LNG export project near Prince Rupert, British Columbia, according to Kanata Clean Power & Climate Technologies Corp.

The proposed Kanata LNG scheme is expected to have capacity of up to 12 million tonnes per annum and carries an estimated capital cost of about $15.7bn, subject to final engineering, commercial arrangements and regulatory approvals.

The agreement gives the South Korean shipbuilder and Canadian developer a framework to examine cooperation on engineering and construction of floating LNG production and related facilities, operations and maintenance, possible strategic equity participation by Hanwha Ocean or affiliated entities, long-term LNG purchase arrangements and midstream solutions including LNGC and LNG BV.

Kanata LNG is planned as a floating export facility near Prince Rupert, which the company identifies as North America’s closest Pacific port to Northeast Asia. The project is intended to use modular construction and marine-based liquefaction technology to provide scalable export capacity.

Kanata has offered participating First Nations the opportunity to acquire up to a 50% ownership interest in the project, subject to negotiations, financing arrangements and applicable approvals.  The MOU does not create legally binding obligations and does not require either company to enter into a definitive transaction, execute commercial agreements or continue negotiations.

The project remains subject to environmental assessments, engagement with Indigenous communities, regulatory approvals and definitive commercial agreements.

Hanwha Ocean is separately participating in discussions over Canada’s future submarine capability requirements.

Hanwha Ocean Co Ltd is a South Korean shipbuilding and offshore/onshore EPCIO company based around its integrated yard in Geoje. Founded in 1973, it has delivered more than 1,400 vessels, builds about 45 commercial and naval ships each year and has executed more than 280 offshore and onshore energy projects.

Kanata Clean Power & Climate Technologies Corp is a Canadian energy development company focused on low-carbon energy projects.