Hanwha Ocean (042660.KS) has lost its bid in the competition for Canada's next-generation submarine acquisition program, known as the Canadian Patrol Submarine Project (CPSP), losing out to a German company.
Canadian Prime Minister Mark Carney announced Thursday at the Halifax naval base in Nova Scotia that Germany's ThyssenKrupp Marine Systems (TKMS) had been selected as the preferred bidder for the CPSP. Carney added that Canada could begin negotiations with Hanwha Ocean, the next-ranked bidder, if talks with TKMS break down.
Canada's CPSP is a project worth tens of trillions of won that involves building 12 submarines and maintaining, servicing, and operating them over 30 years. For this bid, Korea mounted an all-out joint civilian-military effort, including sailing a submarine directly across the Pacific Ocean to dispatch it locally.
