Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
Hanwha Ocean has disclosed a correction updating the start date of its KRW 115.2B performance guarantee for Philly Shipyard Inc. to December 20, 2024 (the acquisition closing date).
📊 [Key Disclosure Details & Financial Highlights]
- Correction Classification: Corrected Filing (Report)
- Correction Filing Date: December 20, 2024
- Original Disclosure Document & Date: Decision on Debt Guarantee for Others (December 10, 2024)
- Reason for Correction: Correction of the start date of the guarantee period
- Major Corrected Items:
- Guarantee Period Start Date: Undecided (-) before correction → December 20, 2024, after correction (Acquisition closing date, Korea Standard Time)
- Basic Guarantee Details:
- Debtor: Philly Shipyard Inc. (Relationship: Affiliated Company)
- Creditor: Great Lakes Dredge & Dock Company, LLC
- Debt Amount: KRW 115,225,452,209 (approx. KRW 115.2B / Guarantee limit USD 80,397,329.20, applying exchange rate of KRW 1,433.20/USD)
- Guarantee Amount: KRW 115,225,452,209 (approx. KRW 115.2B)
- Total Equity: KRW 4,312,157,120,697 (approx. KRW 4.31T, as of FY2023 consolidated financials)
- Guarantee Amount to Total Equity Ratio: 2.7%
- Guarantee Period: December 20, 2024 – February 15, 2026 (Start Date: Acquisition closing date / End Date: 365 days from scheduled vessel delivery date)
- Total Remaining Guarantee Balance: KRW 546,020,662,246 (approx. KRW 546.0B, excluding this disclosure)
- Board Resolution Date: December 10, 2024 (4 Outside Directors attended, 1 absent)
- Other Important Notes:
- Relates to a performance guarantee for a vessel constructed by Philly Shipyard Inc., being acquired by Hanwha Ocean USA International LLC; required as a condition to close the acquisition
- Converted KRW amount applies the exchange rate as of December 10, 2024 (1 USD = KRW 1,433.20) and may fluctuate based on exchange rate movements
- Debtor Summary Financials (FY2023): Total Assets KRW 417.6B, Total Liabilities KRW 371.8B, Total Equity KRW 45.8B, Revenue KRW 576.8B, Net Loss KRW 86.3B
- Related Disclosure: December 10, 2024 (Decision on Debt Guarantee for Others)
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Verification of Confirmed Guarantee Start Date and Subsequent Filings
This correction disclosure notifies the market that the start date of the performance guarantee, which was a condition for closing the acquisition of Philly Shipyard Inc., was confirmed and set to December 20, 2024, upon the closing of the acquisition. Verifying that the start date was properly reflected in accordance with the initial disclosure terms and tracking whether any subsequent correction disclosures are filed regarding potential adjustments to the end date based on vessel delivery schedules is essential. Related details can be verified in upcoming official regular filings, including Quarterly, Half-Yearly, and Annual Reports.
📢 Disclaimer & Fact Source
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).
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