Source: Financial Supervisory Service Dart System / 2025-09-22
Disclosure Type: Decision on Debt Guarantee for Others (Correction)
💡 3-Second Summary
Hanwha Ocean has filed a correction disclosure to extend the end date of its parent company guarantee for its joint venture SAME Netherlands B.V., associated with the P-79 FPSO contract, from the originally scheduled December 5, 2026, to February 5, 2028.
📊 1. [Key Disclosure Details & Major Figures Summary]
- Subject of Correction Filing: Decision on Debt Guarantee for Others originally filed on 2021-06-14
- Reason for Correction: Change in the debt guarantee end date
- Details of Debt Guarantee Period Correction:
- Before Correction: 2021-06-11 ~ 2026-12-05
- After Correction: 2021-06-11 ~ 2028-02-05
- Debtor: SAME Netherlands B.V. (An Incorporated Joint Venture established between Hanwha Ocean and Saipem)
- Creditor: Petrobras (Brazilian state-run oil company)
- Debt (Borrowing) Amount & Debt Guarantee Amount: Not specified (Omitted as it represents payment and performance guarantees for Hanwha Ocean’s specific obligations under the P-79 FPSO construction and service contract, making it difficult to calculate an exact amount at this stage)
- Self-Equity: KRW 3,869,000,000,000 (KRW 3.869 Trillion / Based on consolidated financial statements as of year-end 2020, rounded to the nearest hundred million KRW)
- Board Resolution Date (Decision Date): 2021-06-11 (The date when the guarantee became finalized and effective)
- Financial Status of the Debtor (SAME Netherlands B.V.) (Unit: Million KRW):
- Total Assets: Not specified, Total Liabilities: Not specified, Revenue: Not specified, Net Income: Not specified
- Total Equity and Share Capital: KRW 68 Million (Based on the Business Register Extract issued upon SAME’s incorporation on 2021-05-27, calculated using the exchange rate of 1 EUR = 1,357.46 KRW as of June 11, 2021)
Note: The contract end date represents an estimated schedule on which SAME is expected to complete its contractual payment and performance obligations, which is subject to change during the construction process.
📈 2. [Expert’s Perspective: What This Disclosure Means for Investors]
- Extension of Guarantee Period: The parent guarantee initially decided on June 11, 2021, for the P-79 FPSO construction and service contract issued by Petrobras, has had its end date extended by approximately 14 months to February 5, 2028.
- Unspecified Guarantee Amount: Since this guarantee covers Hanwha Ocean’s specific payment and performance obligations under the joint venture contract rather than a fixed borrowing value, no explicit numerical guarantee amount is specified in the official disclosure documents.
- Potential Schedule Changes: As indicated in the disclosure notes, the corrected end date of February 5, 2028, is an estimated completion date and is subject to further changes depending on actual progress during the execution of the project.
📝 Editor’s Comment (by K-STOCK Editor)
This correction filing details a schedule adjustment for Hanwha Ocean’s parent guarantee provided to Brazilian state-owned Petrobras, regarding the P-79 FPSO construction and service contract executed by the joint venture SAME Netherlands B.V. The update shifts the estimated completion timeline of the guarantee obligations from late 2026 to February 2028, adding 14 months to the duration.
Investors should monitor two objective variables going forward. First is the progression of the adjusted timeline. The new end date of February 5, 2028, represents an estimated schedule for SAME to fulfill its contractual responsibilities. Because the filing explicitly notes that the timeline is subject to change during the construction phase, investors should check future periodic reports and subsequent filings to verify if any further timeline adjustments occur. Second is the character of the unspecified guarantee. Because the exact guarantee valuation is omitted and is tied directly to the execution of specific obligations, market participants should check upcoming quarterly filings to confirm whether any updated details regarding the guarantee’s outstanding balance or status are disclosed over time.
📢 Disclaimer & Source Information
Source: This content was newly structured and written based on official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
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