Source Facts: Financial Supervisory Service Electronic Disclosure System (DART) / 2025-06-05
Disclosure Type: Signing of a Single Sales/Supply Contract (Amendment Disclosure)
💡 3-Second Summary
Hanwha Ocean has amended its contract to supply one Field Control Station (FCS) for an Oceania-based shipowner, increasing the total contract amount from KRW 811B to KRW 905.2B and extending the contract expiration date to July 18, 2026.
📊 1. [Summary of Core Disclosure Content and Major Figures]
- Contract Name: 1 Field Control Station (FCS)
- Contract Category: Construction Order
- Amendments to Contract Amount:
- Before: KRW 811,000,000,000 (KRW 811B)
- After: KRW 905,200,000,000 (KRW 905.2B) [An increase of KRW 94.2B]
- Recent Sales: KRW 7,030,200,000,000 (KRW 7,030.2B, based on the consolidated financial statements at the end of 2020)
- Amendments to Ratio to Sales:
- Before: 11.5%
- After: 12.9%
- Contract Counterparty: Shipowner in the Oceania region (No special relationship with the company)
- Sales and Supply Region: Oceania Region
- Amendments to Contract Period:
- Start Date: February 1, 2022 (Unchanged)
- End Date: (Before) January 19, 2026 $\rightarrow$ (After) July 18, 2026 [Extended by approx. 6 months]
- Major Contract Conditions: Contract deposit and advance payment do not exist; collection of payments will be made according to construction progress.
- Metric Valuation Standard: This is a multi-currency contract. The contract amount was calculated by applying the trading base exchange rates as of the initial contract date on January 10, 2022 (such as 1 USD = 1,202.40 KRW, 1 GBP = 1,633.94 KRW, etc., as stated in the filing), rounded to the nearest hundred million KRW.
- Other Details: The previous amendment filing was submitted on December 22, 2023. This amendment addresses adjustments to both the contract amount and expiration date. The project consists of two stages: Stage 1 design verification and preparation, followed by Stage 2 project execution. The contract period and final settlement amount remain subject to modification during the construction process.
📈 2. [Expert Perspective: What This Disclosure Means for Investors]
- Simultaneous Adjustment of Contract Value and Duration: This filing is a factual amendment confirming that the core terms for a large-scale offshore facility (1 FCS unit) have been modified. The total contract value increased by KRW 94.2B to reach KRW 905.2B, with the contract duration extended accordingly by approximately six months.
- Multi-currency and Two-stage Project Characteristics: This transaction is structured around multi-currency adjustments and operates in two distinct phases spanning design verification and actual execution. The conditions retain the parameters of “no contract deposit or advance payment” and “collection according to construction progress.” The official disclosure text does not state any specific quarterly revenue impacts or exact profit margin variations resulting from these modifications.
- 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. Since the official filing does not state the underlying causes prompting these contract adjustments (such as design modifications or cost shifts), investors should focus strictly on observing whether the updated duration and amount undergo subsequent modifications or if further amendment disclosures are made.
📝 Editor’s Comment (by K-STOCK Editor)
This amended disclosure formally records that the contract duration and value for Hanwha Ocean’s contract to supply a Field Control Station (FCS) to an Oceania-based shipowner have been modified to KRW 905.2B and July 18, 2026, respectively. These modifications occur over the course of the project execution following the initial building agreement.
The primary checkpoint that market participants should examine next is whether the revised timeline and adjusted 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 these contract amendments 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).
Investment Risk Notice: 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 liabilities rest solely with the investor.
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