Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Monday that it has signed a memorandum of understanding with a Saudi shipping firm to work together to develop technologies needed for a 'smart ship' platform.

Under the deal with the National Shipping Company of Saudi Arabia, better known as Bahri, Hyundai Heavy will develop smart ship technologies and use them with Bahri's fleet.

Hyundai Heavy unveiled the world's first smart ship system in 2011, and some 300 ships currently use the system.

The smart ship system, backed by ICT and big data, allows ship owners to better manage their fleets and improve operational efficiency.

Ship owners can capture and check the range of a ship's voyage information including location, weather, and ocean current data, as well as on-board equipment and cargo. They will be able to monitor their vessel's status and condition in real time.

Bahri owns 37 very large crude carriers, the world's largest. (Yonhap)