[Disclosure] Hanwha Ocean (042660) Files Amendment on Collateral Security for Sinan Eoui Offshore Wind Power Due to Debtor’s Exclusion from Affiliates

Source of Facts: Financial Supervisory Service DART / 2026-06-29

Disclosure Type: Provision of Collateral Security for Others (Amendment)

💡 3-Second Summary

Hanwha Ocean has amended its collateral provision filing to correct the debtor’s relationship status from ‘Affiliate’ to Undefined (-) due to its exclusion from affiliates, maintaining the collateral value of KRW 134.3B (2.76% of equity) based on the par value of pledged shares, provided that all contents are subject to change during the project execution process.

📊 1. [Key Disclosure Content & Major Figures Summary]

• Reason for Amendment: Exclusion of the debtor from company affiliates.
• Amended Item: Debtor’s relationship with the company changed from ‘Affiliate’ to Undefined (-).
• Debtor: Sinan Eoui Offshore Wind Power Co., Ltd.
• Creditors: Korea Development Bank, Kookmin Bank, KB Insurance, KB Life Insurance, Shinhan Bank, Hana Bank, Hana Life Insurance, Hana Insurance, Woori Bank, Tongyang Life Insurance, NongHyup Bank, NH Chemical Insurance, Busan Bank, Samsung Fire & Marine Insurance, Kyobo Life Insurance, Hyundai Marine & Fire Insurance, Lotte Insurance, Industrial Bank of Korea, etc.
• Debt (Borrowing) Amount: KRW 2,890,000,000,000 (KRW 2.89T)
• Collateral Setting Value: KRW 134,300,000,000 (KRW 134.3B)
  • Calculated based on the par value of the pledged shares.
  • This represents 2.76% of the company’s total equity (KRW 4,863,349,890,725 based on the consolidated financial statements at the end of 2024).
• Pledged Asset: 134,300,000 shares of Sinan Eoui Offshore Wind Power Co., Ltd.
• Collateral Provision Period: April 9, 2026 (Expected execution date of the share pledge agreement) ~ December 15, 2048 (Expected repayment date of PF principal and interest).
• Total Balance of Collateral Provision: KRW 390,000,000,000 (KRW 390B / Excluding this specific transaction).
• Key Contract Terms: In connection with the PF loan agreement that Sinan Eoui Offshore Wind Power Co., Ltd. is scheduled to sign for funding the investment costs of the project, Hanwha Ocean provides a share pledge over its investment shares in Sinan Eoui Offshore Wind Power Co., Ltd. to the creditors.
• Project Financing (PF) Status: The total amount of the Other PF Loan type provided for Sinan Eoui Offshore Wind Power Co., Ltd. is KRW 2,890,000,000,000.
• Debtor Financial Summary (End of 2024): Total Assets KRW 4,023 million, Total Liabilities KRW 16 million, Total Equity KRW 4,006 million, Sales None, Net Income KRW -421 million.
• Project Variability Clause: All the aforementioned details are subject to change during the course of the project execution process.

📈 2. [Expert View: What This Disclosure Means for Investors]

• Amendment for Reporting Classification Changes: This disclosure is an administrative correction filed to update the regulatory paperwork, reflecting that the debtor’s classification status has changed. No changes have been made to the substantive financial conditions of the contract, such as the total guaranteed value, period, or underlying conditions.
• Pledged Shares Structure and Variability: The collateral setup of KRW 134.3B is structured around Hanwha Ocean’s investment shares (134,300,000 shares valued at par value). This represents a pledge of owned equity rather than a direct cash collateral placement, accounting for 2.76% of total equity. Crucially, as explicitly stated in the source text, these disclosure details inherently retain the potential to be modified as the project moves forward.
• Verification of Nominal Balances: This amendment provides confirmation of the existing outstanding collateral provision balance of KRW 390 billion (excluding the current transaction) and outlines the quantitative financial items of the debtor for the fiscal year 2024, both of which may also face updates depending on project developments.

📝 Editor’s Comment (by K-STOCK Editor)

Hanwha Ocean’s amended filing regarding the collateral provision for others was submitted to correct the regulatory classification of the debtor’s relationship status within the historical disclosure paperwork. According to the document, the relationship status was updated because the debtor was excluded from company affiliates, and it does not contain any material changes to the commercial figures or conditions such as the aggregate collateral values or the finalized validation schedules.

The critical variable and primary checkpoint for investors to watch moving forward is the share pledge structure specified in the disclosure, along with the explicitly stated condition that ‘the contents are subject to change during the project execution process.’ This transaction involves Hanwha Ocean providing a share pledge over its investment shares to facilitate the debtor’s PF loan funding, and the collateral period is linked long-term until the PF repayment date of December 15, 2048. Investors must clearly note the factual structure that this arrangement is set based on the par value of the shares and, most importantly, can be modified in the future depending on the progress of the project.

Consequently, investors should avoid drawing conclusions based solely on the administrative amendment of the affiliate relationship status or treating these parameters as permanently fixed terms. It is essential to focus entirely on the explicit facts outlined in the disclosure text, including the expected PF repayment date of December 15, 2048, the structural characteristics of the share pledge, and the foundational disclosure note that all parameters remain subject to future changes as the business develops.

📢 Disclaimer & Source Information

Source: This content was newly structured and written based on the official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).

Investment Risk Advisory: This information is provided for informational and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific stocks. All investment decisions and financial responsibilities rest entirely with the investor.

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