Hanwha Ocean (042660.KS) expressed regret over not being selected as the preferred bidder in the competition for Canada's next-generation submarine program (CPSP), while conveying gratitude to those who worked on the bid.
In a statement Friday, Hanwha Ocean said, "We did our best to win the Canadian next-generation submarine project, but did not achieve the results we had hoped for." It added, "We made every effort to win the contract based on the government's full support, the outstanding performance of our submarines, and the navy's successful submarine operation experience, but we could not overcome the wall of the North Atlantic Treaty Organization (NATO) alliance." The company said, "Because we approached this with a do-everything-humanly-possible attitude, much regret remains, but we believe this outcome was entirely due to Hanwha Ocean's shortcomings."
Hanwha Ocean stressed, "We will thoroughly analyze the challenges confirmed through this bidding competition, seek clear alternatives, and will certainly find a path for 'K-naval defense' to make a greater leap in the global market."
The company also expressed gratitude to government and corporate officials who spared no support as "one team" during the bidding process. Hanwha Ocean said, "We deeply thank the citizens who have sent so much support, as well as the government, National Assembly, navy, Defense Acquisition Program Administration, and other military officials who supported us with all their heart and dedication," adding, "We also extend our gratitude to all corporate officials who participated in the bidding competition together."
Canadian Prime Minister Mark Carney announced Thursday that Germany's ThyssenKrupp Marine Systems (TKMS) had been selected as the final preferred bidder for the CPSP program. The CPSP program is worth a total of 60 trillion won, combining the construction of 12 submarines and 30 years of maintenance, repair, and operation costs.
