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

Hanwha Ocean has expressed regret over 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 best to win the bid for Canada's next-generation submarine project, but we did not achieve the results we had hoped for."

The company added, "Despite our utmost efforts, backed by full government support, the superior performance of our submarines, and the Republic of Korea Navy's successful operational experience, we were unable to overcome the barrier of NATO alliances. While we feel a great sense of regret as we gave our all, we believe this outcome is entirely due to our own shortcomings."

Hanwha Ocean emphasized, "We will thoroughly analyze the challenges identified through this bidding process to devise concrete alternatives and will certainly find a way for 'K-Maritime Defense' to make a greater leap 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, and the Defense Acquisition Program Administration for their dedicated assistance. We also express our appreciation to all corporate representatives who participated in this bidding process."

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 project.

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

The project, which involves the construction of 12 submarines and includes 30 years of maintenance, repair, and operations, is valued at a total of 60 trillion won.

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