Hanwha Ocean has failed to secure the Canadian Patrol Submarine Project (CPSP).

Canadian Prime Minister Mark Carney announced on July 6 (local time) at the Halifax Naval Base in Nova Scotia that Germany's ThyssenKrupp Marine Systems (TKMS) has been selected as the preferred bidder for the CPSP.

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

The project, which involves the construction of 12 submarines and their maintenance, repair, and operation over 30 years, is valued at tens of trillions of won.

South Korea had launched an all-out effort involving both the public and private sectors to win the contract, including sailing a submarine across the Pacific Ocean to be deployed on-site, but was unable to secure the deal.

(Photo: Courtesy of the Republic of Korea Navy, Yonhap News)