Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
Hanwha Ocean has decided to provide a performance guarantee worth KRW 115.2B (guarantee limit: USD 80,397,329.20) for a vessel being built by Philly Shipyard Inc., an entity scheduled for acquisition by its affiliate (Hanwha Ocean USA International LLC).
📊 [Key Disclosure Details & Financial Highlights]
- Debtor: Philly Shipyard Inc. (Relationship: Affiliated Company)
- Creditor: Great Lakes Dredge & Dock Company, LLC
- Debt Amount: KRW 115,225,452,209 (approx. KRW 115.2B / Guarantee limit USD 80,397,329.20, applying exchange rate of KRW 1,433.20/USD)
- Guarantee Amount: KRW 115,225,452,209 (approx. KRW 115.2B)
- Total Equity: KRW 4,312,157,120,697 (approx. KRW 4.31T, as of FY2023 consolidated financials)
- Guarantee Amount to Total Equity Ratio: 2.7%
- Guarantee Period: Undecided (-) – February 15, 2026 (Start Date: Acquisition closing date, to be amended upon date confirmation / End Date: 365 days from scheduled vessel delivery date)
- Total Remaining Guarantee Balance: KRW 546,020,662,246 (approx. KRW 546.0B, excluding this disclosure)
- Board Resolution Date: December 10, 2024 (4 Outside Directors attended, 1 absent)
- Other Important Notes:
- Relates to a performance guarantee for a vessel constructed by Philly Shipyard Inc., which is scheduled to be acquired by Hanwha Ocean USA International LLC; required as a condition to complete the acquisition process
- Converted KRW amount applies the exchange rate as of December 10, 2024 (1 USD = KRW 1,433.20) and may fluctuate based on exchange rate movements
- Debtor Summary Financials (FY2023): Total Assets KRW 417.6B, Total Liabilities KRW 371.8B, Total Equity KRW 45.8B, Revenue KRW 576.8B, Net Loss KRW 86.3B
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Verification of Confirmed Guarantee Start Date Upon Acquisition Closing
This disclosure concerns a performance guarantee executed as a condition for completing the acquisition of Philly Shipyard Inc., with the start date set to the acquisition closing date and an amended disclosure scheduled once finalized. Verifying whether a corrected filing is submitted with the finalized start date upon completion of the acquisition is essential for tracking the effective date and transaction status of the guarantee. Related details can be verified in future correction filings and upcoming official regular filings, including Quarterly, Half-Yearly, and Annual Reports.
📢 Disclaimer & Fact Source
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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