Source Fact: Financial Supervisory Service DART / 2024-12-20
Disclosure Type: Decision on Debt Guarantee for Others
💡 3-Second Summary
Regarding the KRW 115.2 billion contract performance guarantee provided by Hanwha Ocean for Philly Shipyard Inc., which its subsidiary is scheduled to acquire, the commencement date of the guarantee period has been officially fixed to December 20, 2024, representing the transaction closing date (Korea Standard Time).
📊 1. [Key Disclosure Content & Major Figures Summary]
- Amendment Details: The description of the guarantee period commencement date regarding the contractual fulfillment guarantee provided to ‘Philly Shipyard Inc. (PSI)’ has been amended from a tentative status to a fixed date.
- Guarantee Period Amendment:
- (Before) Commencement Date: To be amended once the closing date is determined → (After) Commencement Date: 2024-12-20 (Closing date, based on Korea Standard Time)
- Expiry Date: 2026-02-15 (365 days from the scheduled vessel delivery date)
- Debt Guarantee Particulars:
- Debtor: Philly Shipyard Inc. (Scheduled to be acquired by Hanwha Ocean’s subsidiary, Hanwha Ocean USA International LLC)
- Creditor: Great Lakes Dredge & Dock Company, LLC
- Debt Guarantee Value (Limit): KRW 115,225,452,209 (USD 80,397,329.20)
- Proportion to Equity: 2.7% of the controlling company’s (Hanwha Ocean) consolidated total equity.
- Financial Status of Debtor (PSI, as of Year-End 2023): Total assets at KRW 417.6B, total liabilities at KRW 371.8B, total equity at KRW 45.8B, annual revenue at KRW 576.7B, and net loss recorded at KRW 86.3B.
- Key Conditions: This guarantee is contingent upon the completion of the PSI acquisition process. The conversion rate applied is 1 USD = 1,433.20 KRW, based on the exchange rate on December 10, 2024. The final KRW-denominated figures may fluctuate due to future foreign exchange movements. The total outstanding debt guarantee balance, excluding this transaction, stands at KRW 546,020,662,246.
- Additional Note: The disclosure does not explain specific reasons for the timeline finalization, stating only that the conditions remain subject to change depending on future progress.
📈 2. [Expert View: Significance for Investors]
This amendment disclosure covers an administrative timeline adjustment regarding the debt guarantee for Philly Shipyard Inc. (PSI), which Hanwha Ocean’s subsidiary is scheduled to acquire. The primary focal point is that the commencement window for the performance guarantee—previously left open for future updates—has now been solidified as December 20, 2024 (the actual closing date under KST).
The original text does not state any concrete financial advantages or disadvantages stemming from this update, nor does it provide the internal administrative rationale behind the date selection. Consequently, investors should avoid drawing definitive conclusions about any shift in risk vectors or the outcome of the agreement. The proper analytical approach is to note the structural fact that the guarantee became active on December 20, and to monitor future vessel delivery milestones—which serve as the anchor for the expiry date—solely on an objective factual basis.
📝 Editor’s Comment (by K-STOCK Editor)
This regulatory update confirms that the formal activation threshold for Hanwha Ocean’s KRW 115.2 billion contractual guarantee for PSI has been anchored precisely to December 20, 2024, the transaction’s closing date under Korea Standard Time. As the timeline transitions from a conditional projection to a set calendar day, readers should recognize that the legal framework governing these financial obligations has officially commenced its tracking cycle.
However, the disclosure avoids discussing broader external factors or detailing any specific strategic background beyond this chronological correction. Therefore, readers must maintain objectivity and refrain from using external interpretations to define this date confirmation as either a positive or negative event. Market watchers should monitor the situation based strictly on the reported facts, focusing on the reported sequence of the acquisition process and tracking whether the vessel delivery proceeds smoothly toward the scheduled expiry of February 15, 2026.
📢 Disclaimers and Source Information
Source: This content has been newly structured and written based on official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Risk Notice: This content is provided solely for informational and linguistic reference purposes. 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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