Hanwha Ocean shifts focus to Canada after losing Polish submarine deal

SEOUL, November 28 (AJP) - Hanwha Ocean said on Friday it will pivot toward future defense export opportunities after losing out on Poland’s next-generation submarine program.

“Despite strong support from the South Korean government and the public, we were unable to secure the Polish contract,” the company said in a press release. 

The shipbuilder said it will now redirect its focus to Canada, where the government is preparing one of the world’s largest conventional submarine procurement programs. Ottawa plans to replace its aging Victoria-class fleet with 12 diesel-electric submarines of about 3,000 tons, with deliveries expected from the mid-2030s.

The project is valued at up to 60 trillion won ($44 billion) and could become South Korea’s biggest-ever defense export deal if a domestic bidder prevails.

Hanwha Ocean and rival HD Hyundai Heavy Industries are competing against Germany’s ThyssenKrupp Marine Systems (TKMS) for the contract. Canada is expected to make a decision by May, after proposals are submitted in March.

“We are determined to deliver results that reflect South Korea’s global standing in maritime defense,” Hanwha Ocean said, thanking the government and the public for “unwavering support” as it seeks its next major export win.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.

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