Source: Financial Supervisory Service Dart System / 2025-09-15
Disclosure Type: Single Sales/Supply Contract (Correction)
💡 3-Second Summary
Hanwha Ocean has filed a correction disclosure to extend the contract end date from the previously scheduled September 26, 2026, to February 5, 2027, under mutual agreement with the buyer for its KRW 1.09 Trillion contract to construct one FPSO for a European shipowner.
📊 1. [Key Disclosure Details & Major Figures Summary]
- Subject of Correction Filing: Single Sales/Supply Contract disclosure originally corrected on 2024-09-24 (First filed on 2021-06-14)
- Reason for Correction: Change in the contract end date under agreement with the buyer
- Details of Contract Period Correction:
- Before Correction: 2021-06-11 ~ 2026-09-26
- After Correction: 2021-06-11 ~ 2027-02-05
- Contract Classification: Construction contract for one FPSO (Floating Production Storage and Offloading unit)
- Contract Amount: KRW 1,094,800,000,000 (KRW 1.0948 Trillion)
- Ratio to Recent Revenue: 15.6% of Hanwha Ocean’s total revenue of KRW 7.03 Trillion (Based on consolidated financial statements as of year-end 2020, rounded to the nearest hundred million KRW)
- Contract Partner & Supply Region: Undisclosed shipowner in Europe / Europe region
- Key Terms of Contract: Downpayment/Advance payment does not exist (No) / Collection terms based on construction progress
- Date of Contract (Order Date) & Correction Date: 2021-06-11 (Order date) / 2025-09-15 (Date of correction decision)
Conversion Base: The contract amount was calculated by applying the trading standard exchange rate of 1 USD = 1,115.00 KRW as of the contract date (2021-06-11). The contract period and final settlement amount are subject to future changes during the construction process.
📈 2. [Expert’s Perspective: What This Disclosure Means for Investors]
- Extension of Scheduled Contract Completion: The amendment formally adjusts the scheduled end date of construction from September 26, 2026, to February 5, 2027, extending the completion timeline by approximately 4.3 months under agreement with the buyer.
- Maintenance of Principal Terms and Valuation: Outside of the timeframe shift, all major variables of the filing—including the contract value of KRW 1.09 Trillion, contract partner, and payment conditions (no advance payment, collection based on progress)—remain completely unchanged.
- Potential for Future Modifications: As officially indicated in the notes of the filing, both the corrected contract timeframe and the final settlement amount remain subject to further modifications depending on future project execution details.
📝 Editor’s Comment (by K-STOCK Editor)
This correction filing details a schedule adjustment for Hanwha Ocean’s KRW 1.09 Trillion contract to construct one FPSO for a European shipowner, extending the estimated completion timeline of the project from late September 2026 to early February 2027, adding approximately 4.3 months to the duration under agreement with the buyer. No other core elements of the agreement, such as the total valuation or partner specifications, were modified in this update.
Going forward, investors should monitor two objective checkpoints. First is the progression of the adjusted timeline. The new end date of February 5, 2027, represents an estimated schedule for fulfilling the contract responsibilities. Because the filing explicitly notes that the timeline is subject to change during the construction phase, investors should check future periodic reports to verify if any further timeline adjustments occur. Second is the tracking of the cash collection progress. Since the contract was signed under terms requiring zero advance payment—with all cash collected strictly based on manufacturing milestones—market participants should check upcoming quarterly reports to cross-reference whether contract assets and collection amounts are recorded on schedule as construction progresses.
📢 Disclaimer & Source Information
Source: This content was newly structured and written based on official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Advisory Warning: This material is provided for informational and language reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific securities. All investment decisions and financial responsibilities rest solely with the individual investor.
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