The signing took place between Jotun's chairman Odd Gleditch and HHI's Chief Executive Ka Sam-Hyun, during the South Korean President's state visit to Norway in June.
South Korea's Minister of Industry Yunmo Song attended the signing ceremony.
This is part of Jotun's focus on research and development of environmentally friendly paints. The company has worked on developing the new type of marine paint for 13 years.
As explained, the solution is expected to reduce solvent (VOC) emissions into the air from approximately 250 grams per liter to just nine grams per liter.
This will enable shipyards to save hundreds of millions of dollars by avoiding investments in plants related to the combustion of VOC’s.
We have conducted research in Korea and in Norway while developing this paint, and after 13 years can conclude that we have succeeded in developing a product that reduces solvent emissions by over 90%. In addition, the product has better corrosion protection than previous systems, which helps extend the life of the vessels and reduces the need for maintenance,
...says Erik Risberg, one of the scientists behind the new paint.
HHI's CEO accompanied the Korean delegation during the state visit to President Moon Jae-In. Ka Sam-Hyun also visited the Jotun production facility in Sandefjord during his stay in Norway.