Hanwha Ocean Vows to Find Path for K-Defense Growth Following Submarine Bid Setback

Hanwha Ocean has expressed its regret after failing to be selected as the preferred bidder for Canada's Patrol Submarine Project (CPSP).

In a statement released today (July 7), Hanwha Ocean said, "We did our utmost to win the contract for Canada's next-generation submarine project, but we did not achieve the results we had hoped for."

The company continued, "Based on the government's full support, the outstanding performance of our submarines, and the Navy's successful operational experience, we poured our best efforts into this bid, but we were unable to overcome the barrier of NATO alliances. While we feel a great sense of regret as we approached this with the mindset of doing our absolute best, we believe this outcome is entirely due to Hanwha Ocean's shortcomings."

Hanwha Ocean emphasized, "We will thoroughly analyze the challenges identified through this bidding process to devise clear alternatives and will certainly find a path for 'K-Maritime Defense' to take a further leap forward in the global market."

Furthermore, the company stated, "We extend our deepest gratitude to the public for their support, as well as to the government, the National Assembly, the Navy, the Defense Acquisition Program Administration, and all military officials who provided their dedicated support. We also express our appreciation to all the corporate representatives who participated in this bidding competition."

Canadian Prime Minister Mark Carney announced on July 6 (local time) that Germany's ThyssenKrupp Marine Systems (TKMS) had been selected as the final preferred bidder for the CPSP.

However, Prime Minister Carney added that the Canadian government reserves the right to initiate negotiations with the next-in-line bidder, Hanwha Ocean, should negotiations with TKMS fall through.

The project involves the construction of 12 submarines, with a total value reaching 60 trillion won when including the costs for maintenance, repair, and operations over 30 years.

(Photo: Provided by the Navy, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.