Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
This filing discloses that Hanwha Ocean decided to extend a loan of approximately KRW 510.7B (USD 350M, 11.8% of equity) to its affiliate Tidal Action LLC to offset remaining drillship construction receivables and fund operational expenses for a drilling project.
📊 Key Filing Details & Key Figures Summary
1. Key Terms of Loan
- Borrower: Tidal Action LLC (Relationship: Affiliate)
- Transaction Date: April 17, 2025
- Loan Amount: KRW 510,700,000,000 (USD 350,000,000)
- Total Equity: KRW 4,312,157,120,697 (Consolidated total equity as of year-end 2023)
- Ratio to Equity: 11.8%
- Large Corporation Status: Applicable
- Interest Rate: 4.6% (Overdraft interest rate per Corporate Tax Act Regulations)
- Loan Period: April 17, 2025 ~ April 17, 2040 (15 Years)
- Purpose of Loan: Shareholder loan for business operations of an affiliate
- Total Outstanding Loan Balance: KRW 510,700,000,000
- Board Resolution Date: March 21, 2025 (All 5 Outside Directors present)
2. Other Key Reference Information
- Applicable Foreign Exchange Rate: KRW/USD = 1,459.20 (Base rate as of March 21, 2025)
- Loan amount and outstanding balance figures are rounded at the 100-million KRW level
- The loan is intended for remaining construction payments and operational expenses for drillship sale, repair, and modification contracts with the affiliate
- The loan will be offset against the remaining construction receivables due to Hanwha Ocean, with any surplus used for operating expenses
- Principal to be fully repaid at the end of the loan term, with options for early repayment upon mutual agreement
- Tidal Action LLC was newly incorporated in 2024, reporting total assets of KRW 145.5B, total equity of KRW 145.5B, and a net loss of KRW 33M as of year-end 2024
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Monitoring Loan Execution and Construction Receivables Offsetting Status
This disclosure reports a major shareholder loan decision to affiliate Tidal Action LLC. Tracking the loan execution on the scheduled start date (April 17, 2025) and verifying the offsetting process against remaining drillship construction receivables is important for monitoring transaction progress. Relevant updates can be reviewed in upcoming Quarterly Reports, Half-Year Reports, Annual Reports, or subsequent 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).
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