Source of Facts: Financial Supervisory Service DART / 2026-04-24
Disclosure Type: Execution of Single Sales/Provider Contract (Amendment)
💡 3-Second Summary
Hanwha Ocean has amended its FCS construction contract with an Oceanian shipowner, adjusting the contract value from KRW 899.4 billion to KRW 902.8 billion and removing prior text regarding storage fee settlements, provided that all contents are subject to change during the project execution process.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Reason for Amendment: Changes in contract value and deletion of specific text under other investment considerations.
- Amended Items:
- Contract Value: (Before) KRW 899,400,000,000 ➡️ (After) KRW 902,800,000,000
- Proportion of Annual Sales: (Before) 4.0% ➡️ (After) 12.8% (Calculated based on the company’s annual sales of KRW 7,030,200,000,000 from the 2020 consolidated financial statements)
- Other Investment Considerations: (Before) “4. The contract amount has been reduced as the temporary storage fees previously included in the contract amount were converted into the actual settled amount during this agreement process as the storage period was confirmed.” ➡️ (After) Text deleted.
- Contract Name & Quantity: Construction of 1 Field Control Station (FCS) Unit
- Contract Counterparty: Shipowner based in the Oceanian region
- Sales & Distribution Region: Oceania
- Contract Period: February 1, 2022 ~ April 3, 2027
- Initial Contract Execution Date: January 10, 2022
- Key Contract Terms:
- Down payment/prepayment not included (No payment upon signing).
- Payment terms: Structured progressively based on construction milestones.
- Currency Calculations: This is a multi-currency contract, calculated by applying the trading standard exchange rates as of January 10, 2022 (1 USD = 1,202.40 KRW, 1 GBP = 1,633.94 KRW, 1 EUR = 1,365.69 KRW, 1 AUD = 863.02 KRW, 1 NOK = 136.11 KRW, 1 MYR = 285.67 KRW).
- Project Scope: Consists of two phases: Phase 1 design verification and construction preparation, followed by Phase 2 construction execution.
- Project Variability Clause: The contract period and final settlement amount are subject to change during the course of the project execution process.
📈 2. [Expert View: What This Disclosure Means for Investors]
- Official Amendment of Financial Terms: This disclosure formally reports the adjustment of quantitative parameters for the offshore facility construction contract originally signed on January 10, 2022. The contract value has been changed to KRW 902.8 billion, representing 12.8% of the company’s 2020 consolidated annual sales.
- Administrative Correction of Payout Clause: The explanatory text regarding temporary storage fee settlements that was registered in the previous amendment has been officially deleted through this filing, indicating an administrative cleanup of the disclosure wording.
- Long-Term Timelines and Inherent Flexibility: The contract period remains scheduled from February 1, 2022, to April 3, 2027. This multi-currency transaction utilizes progress-based payment schedules. As explicitly stated in the source text, both the contract period and final settlement amounts remain subject to subsequent modifications depending on actual project developments.
📝 Editor’s Comment (by K-STOCK Editor)
Hanwha Ocean’s amended filing regarding its single sales and supply contract officially reports the adjustments in the specific value and historical text parameters of its offshore FCS project with an Oceanian shipowner. According to the document, the total contract value has been adjusted to KRW 902.8 billion, and the previous wording regarding storage fee settlements has been deleted.
The critical variable and primary checkpoints for investors to watch moving forward are the ‘inherent variability of multi-currency calculations’ and the explicit condition that ‘the parameters remain subject to change during project execution.’ Because this project is structured around progressive milestone payments and was calculated based on historical exchange rates from January 2022 across multiple foreign currencies, the final settlement parameters are subject to future adjustments.
Consequently, investors should avoid drawing definitive conclusions regarding fixed financial performance based on the mere amendment of historical contract parameters. It remains essential to monitor the project’s progress through its scheduled completion on April 3, 2027, under the explicit conditions stated in the filing, which indicate that both the final settlement values and timelines remain subject to future adjustments as the construction proceeds.
📢 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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