[Disclosure] Hanwha Ocean (042660) Amends Contract Counterparty for KRW 314.5B LNG Carrier Order from ‘Oceanian’ to ‘European’ Shipowner

Source of Facts: Financial Supervisory Service DART / 2026-02-20

Disclosure Type: Execution of Single Sales/Provider Contract (Amendment)

💡 3-Second Summary

Hanwha Ocean has filed an amended disclosure regarding its construction contract for one LNG Carrier valued at approximately KRW 314.5 billion, originally filed on February 13, 2023, correcting the contract counterparty and delivery region parameters from ‘Oceania’ to ‘Europe’.

📊 1. [Key Disclosure Content & Major Figures Summary]

• Reason for Amendment: Amendment of the contract counterparty and the sales/delivery region.
• Amended Items:
  • Contract Counterparty: (Before) Shipowner based in the Oceanian region ➡️ (After) Shipowner based in the European region
  • Sales & Distribution Region: (Before) Oceania ➡️ (After) Europe
• Initial Contract & Filing Dates: The contract execution date is February 10, 2023, and the initial disclosure was submitted on February 13, 2023 (Date of Amendment: February 20, 2026).
• Overview of the Contract:
  • Contract Name & Quantity: Construction of 1 LNG Carrier
  • Contract Value: KRW 314,500,000,000 (Approx. KRW 314.5B)
  • Ratio to Sales: 7.0% (Calculated based on the company’s 2021 consolidated revenue of KRW 4.4866T, which served as the baseline at the time of the initial filing).
  • Contract Period: February 10, 2023 ~ March 31, 2027
  • Key Contract Terms: Down payment/prepayment included; Payment structured progressively based on construction milestones.
• Exchange Rate Standard: The contract value was calculated by applying the trading standard exchange rate of 1 USD = 1,263.10 KRW as of the initial contract date (February 10, 2023).
• Project Variability Clause: The contract period and final settlement amount remain subject to subsequent changes during the construction progress.

📈 2. [Expert View: What This Disclosure Means for Investors]

• Official Registration of Counterparty and Regional Shifts: This filing officially registers the administrative correction of the execution parameters of the construction contract for one LNG Carrier, originally signed in February 2023. Quantitative parameters designating the shipowner and delivery destination have been formally adjusted on the record from Oceania to Europe.
• Maintenance of Core Transaction Parameters: This amendment focuses strictly on the change of the contractual identity and region. Core quantitative parameters, including the baseline valuation of KRW 314.5 billion (at the historical exchange rate of 1,263.10 KRW/USD) and the delivery schedule ending on March 31, 2027, remain unchanged on the record.
• Milestone Sourcing and Progress Adaptation: The payment structure remains structured progressively based on construction milestones. As explicitly stated in Section 9, Clause 3 of the filing, the final schedules and final settlement values remain subject to subsequent changes based on actual progress throughout the remainder of the construction period.

📝 Editor’s Comment (by K-STOCK Editor)

Hanwha Ocean’s amended regulatory filing regarding its single sales and provider contract outlines the administrative updates established to transfer the execution parameters of its February 2023 LNG Carrier construction contract. According to the document, while the contract value of KRW 314.5 billion and the delivery timeline through March 31, 2027, remain unchanged, the contractual counterparty has been formally modified from an Oceanian shipowner to a European shipowner.

The critical variables and primary checkpoints for investors to analyze moving forward are the ‘actual construction progress through March 31, 2027’ under the updated contract and the explicit disclosure parameter stating that ‘the contract period and final settlement amount are subject to change.’ Because this amendment focuses on a counterparty reassignment rather than changes in volume or delivery dates, actual progress and milestone payments will continue to depend on meeting the scheduled construction timeline.

Consequently, investors should avoid drawing analytical conclusions regarding the direct acceleration of project delivery or fixed contract revenue extensions based solely on the administrative correction of the counterparty or delivery region. It remains essential to monitor the transactions under the explicit conditions stated in the filing, tracking how the physical construction of the vessel is systematically implemented under the approved KRW 314.5 billion framework, under which the contract period and final settlement amount remain subject to subsequent changes based on actual progress.

📢 Disclaimer & Source Information

Source: This content was newly structured and written based on the official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).

Investment Risk Advisory: 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 responsibilities rest entirely with the investor.

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