Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
This filing is a corrected disclosure notifying an increase in the loan amount provided by Hanwha Ocean to its affiliate, Tidal Action LLC, from KRW 461.9B to KRW 471.8B (USD 323,299,119).
📊 Key Filing Details & Key Figures Summary
1. Correction Details & Reason
- Original Disclosure: Decision on Loan to Others (Originally Filed: June 30, 2025)
- Reason for Correction: Changes in loan amount and total outstanding loan balance
- Corrected Items:
- Loan Amount: Changed from KRW 461,900,000,000 to KRW 471,800,000,000 (Increased from USD 316,514,119 to USD 323,299,119)
- Ratio to Total Equity: Changed from 10.7% to 10.9%
- Total Outstanding Loan Balance: Changed from KRW 461,900,000,000 to KRW 471,800,000,000
2. Key Terms of Loan
- Borrower: Tidal Action LLC (Relationship: Affiliate)
- Transaction Date: April 22, 2025
- Loan Amount: KRW 471,800,000,000 (USD 323,299,119)
- Total Equity: KRW 4,312,157,120,697 (Consolidated total equity as of year-end 2023)
- Ratio to Equity: 10.9%
- Large Corporation Status: Applicable
- Interest Rate: 4.6% (Overdraft interest rate per Corporate Tax Act enforcement rules)
- Loan Period: April 22, 2025 ~ April 22, 2040 (Lump-sum repayment at maturity; early repayment allowed upon agreement)
- Purpose of Loan: Shareholder loan for affiliate’s business operations (Offsetting remaining construction receivables for drillship sales/renovation and funding operational expenses)
- Total Outstanding Loan Balance: KRW 471,800,000,000 (Includes this transaction)
- Board Resolution Date: March 21, 2025 (All 5 Outside Directors present)
3. Other Key Reference Information
- Applicable Foreign Exchange Rate: KRW/USD = 1,459.20 (Seoul Money Brokerage base rate as of March 21, 2025), rounded at 100-million KRW level
- The loan amount represents a credit limit; execution details are delegated to the Representative Director
- Borrower Financial Summary (Tidal Action LLC for 2024, newly established in 2024, non-consolidated): Total Assets KRW 145.50B / Total Liabilities KRW 1M / Total Equity KRW 145.50B / Capital KRW 137.56B / Net Loss KRW 33M
- Related Filings: Decision on Loan to Others dated March 21, 2025, April 16, 2025, and June 30, 2025
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Execution of Loan Amounts and Terms of Repayment
This corrected disclosure reflects the increased loan limit and total balance to USD 323,299,119 (KRW 471.8B) for affiliate Tidal Action LLC. Monitoring whether loan disbursements remain within the approved cap during the agreed term (April 22, 2025 to April 22, 2040) and verifying whether the offsetting of construction receivables and ultimate loan repayments occur as scheduled is important for tracking the management of the company’s loan receivables. Relevant details and subsequent modifications can be reviewed in future Quarterly Reports, Half-Year Reports, Annual Reports, or subsequent corrected disclosures.
📢 Disclaimer & Source Information
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).
Investment Disclaimer: This content 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 entirely with the investor.
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