Source Facts: Financial Supervisory Service Electronic Disclosure System (DART) / 2025-05-15
Disclosure Type: Signing of a Single Sales/Supply Contract (Amendment Disclosure)
💡 3-Second Summary
Hanwha Ocean has officially amended the contract expiration date for its KRW 828.3B contract to supply one Fixed Platform for a Middle East-based shipowner, shifting the end date from May 15, 2025, to August 30, 2025.
📊 1. [Summary of Core Disclosure Content and Major Figures]
- Contract Name: 1 Fixed Platform
- Contract Category: Construction Order
- Contract Amount: KRW 828,300,000,000 (KRW 828.3B)
- Recent Sales: KRW 7,030,200,000,000 (KRW 7,030.2B, based on the consolidated financial statements at the end of 2020)
- Ratio to Sales: 11.8%
- Contract Counterparty: Shipowner in the Middle East region (No special relationship with the company)
- Sales and Supply Region: Middle East Region
- Amendments to Contract Period:
- Start Date: June 1, 2021 (Unchanged, the effective date is applied retroactively based on mutual agreement)
- End Date: (Before) May 15, 2025 $\rightarrow$ (After) August 30, 2025 [Extended by approx. 3.5 months]
- Major Contract Conditions: Contract deposit and advance payment exist; collection of payments will be made according to construction progress.
- Metric Valuation Standard: Converted into KRW based on the trading base exchange rate of USD 1 = 1,146.40 KRW as of the contract date (July 13, 2021), rounded to the nearest hundred million KRW.
- Other Details: The previous amendment filing was submitted on February 27, 2023. This amendment explicitly addresses the adjustment of the contract expiration date. The modified end date has been finalized as conditions were met. The contract period and final settlement amount remain subject to modification during the construction process.
📈 2. [Expert Perspective: What This Disclosure Means for Investors]
- Extension of Contract Duration: This filing is a factual amendment confirming that the contract end date for the one Fixed Platform has been adjusted and extended by approximately 3.5 months. The quantitative data, such as the total contract value of KRW 828.3B, remain unchanged.
- Retention of Stated Conditions: The payment terms continue to specify “collection according to construction progress.” The official disclosure text does not state any specific financial statements impact, timing changes for revenue recognition, or exact profit margin variations resulting from this schedule adjustment.
- Investor Checkpoints: As indicated in the crucial matters for investment judgment, the final contract period and settlement totals remain subject to modification during the construction process. However, since the updated end date of August 30, 2025, is stated as finalized due to conditions being met, investors should focus strictly on observing whether the parameters undergo subsequent modifications or if further amendment disclosures are made. The official filing does not state the underlying causes prompting this timeline adjustment.
📝 Editor’s Comment (by K-STOCK Editor)
This amended disclosure formally records that the contract duration for Hanwha Ocean’s contract to supply a Fixed Platform to a Middle East-based shipowner has been modified to August 30, 2025. This schedule adjustment occurs over the course of the project execution, and the expiration date has been finalized as specific conditions were met.
The primary checkpoint that market participants should examine next is whether the revised timeline and financial figures are maintained without further updates. Since the filing notes that the contract duration and final settlement totals can change during the construction process, checking whether the updated parameters are met without subsequent revisions remains essential.
The original disclosure provides no evaluation regarding the underlying factors causing the timeline adjustment or specific financial margin impacts for the company. Therefore, avoiding subjective assumptions or interpretations, market participants must rely strictly on tracking the factual status of the finalized figures and contract duration as disclosed in official updates.
📢 Disclaimer & Source Information
Source: This content was structured and newly written based on the official data submitted to the Financial Supervisory Service Electronic Disclosure System (DART).
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