Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
This filing is a corrected disclosure by Hanwha Ocean adjusting the total loan amount to its affiliate, Tidal Action LLC, from the previously disclosed KRW 510.7B (USD 350M) to KRW 461.9B (USD 316.51M).
📊 Key Filing Details & Key Figures Summary
1. Correction Details & Reason
- Original Disclosure: Loan Decision (Originally Filed: April 16, 2025)
- Reason for Correction: Changes in loan amount and total outstanding loan balance
- Corrected Items:
- Loan Amount: (Before) KRW 510,700,000,000 → (After) KRW 461,900,000,000
- Ratio to Equity: (Before) 11.8% → (After) 10.7%
- Total Outstanding Loan Balance: (Before) KRW 510,700,000,000 → (After) KRW 461,900,000,000
2. Key Terms of Loan
- Borrower: Tidal Action LLC (Relationship: Affiliate)
- Transaction Date: April 22, 2025
- Loan Amount: KRW 461,900,000,000 (USD 316,514,119)
- Total Equity: KRW 4,312,157,120,697 (Consolidated total equity as of year-end 2023)
- Ratio to Equity: 10.7%
- Large Corporation Status: Applicable
- Interest Rate: 4.6% (Overdraft interest rate per Corporate Tax Act Regulations)
- Loan Period: April 22, 2025 ~ April 22, 2040 (15 Years)
- Purpose of Loan: Shareholder loan for business operations of an affiliate
- Board Resolution Date: March 21, 2025 (All 5 Outside Directors present)
3. Other Key Reference Information
- Applicable Foreign Exchange Rate: KRW/USD = 1,459.20 (Base rate as of March 21, 2025)
- The loan is intended for remaining construction payments and operational expenses for drillship sale, repair, and modification contracts with the affiliate
- The loan will be offset against the remaining construction receivables due to Hanwha Ocean, with any surplus used for operating expenses
- Principal to be fully repaid at the end of the loan term, with options for early repayment upon mutual agreement
- Tidal Action LLC was newly incorporated in 2024, reporting total assets of KRW 145.5B, total equity of KRW 145.5B, and a net loss of KRW 33M as of year-end 2024
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Monitoring Loan Principal Repayment and Offsetting Process for Construction Receivables
This corrected disclosure reflects a downward adjustment of the loan facility to Tidal Action LLC based on the finalized foreign currency amount (USD 316,514,119). Monitoring whether the loan is properly offset against Hanwha Ocean’s remaining drillship construction receivables and verifying regular interest recovery at 4.6% is key to assessing financial stability. Relevant updates and loan balance tracking can be reviewed in future Quarterly Reports, Half-Year Reports, Annual Reports, or related footnote disclosures.
📢 Disclaimer & Source Information
Source: This content was structured and newly written based on officially submitted data from the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART).
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