Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
This filing discloses an amendment to Hanwha Ocean’s KRW 443.5B naval vessel construction contract with the Defense Acquisition Program Administration (DAPA), finalizing the previously undetermined completion date to November 1, 2024, following the Ministry of National Defense’s final approval of “Fit for Combat.”
📊 [Key Disclosure Highlights & Summary]
- Filing Type: Sales and Supply Contract (Amendment)
- Related Filing Submission Date: December 7, 2018
- Reason for Amendment: Change in contract completion date
- Key Revisions:
- Contract End Date: (Before) Undetermined → (After) November 1, 2024
- Text Revisions in Material Notes:
- (Before) Remaining tests for deep-submergence rescue vehicle in progress; completion date to be disclosed once delivery date confirmed
- (After) All test evaluations completed as “Criteria Met” and official “Fit for Combat” approval granted by the Ministry of National Defense. Scheduled for delivery to the ROK Navy on November 1, 2024, as agreed with DAPA.
[Detailed Contract Terms]
- Contract Classification: Construction Contract
- Contract Title: 1 Surface Vessel
- Contract Amount: KRW 443,500,000,000 (Rounded to nearest hundred million KRW)
- Recent Annual Revenue: KRW 11,101,800,000,000 (Based on FY2017 consolidated financial statements; rounded to nearest hundred million KRW)
- Contract-to-Revenue Ratio: 4.0%
- Counterparty: Defense Acquisition Program Administration (DAPA) (Relationship: None)
- Supply Region: Domestic (South Korea)
- Contract Period: December 6, 2018 – November 1, 2024
- Order Date: December 6, 2018
- Disclosure Deferral Details: None
- Other Material Notes: Contract period and final settlement amount are subject to change based on final settlement results.
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Final Settlement Execution and Adjustment Verification
This amendment confirms the delivery date and contract end date following combat readiness approval, making it essential to monitor the final settlement outcomes and check whether any further price adjustments are disclosed post-handover. Verification of the finalized contract amount is critical to assess the definitive financial contribution of this defense project. Relevant completion and settlement updates can be verified through future regular financial reports (Quarterly, Semi-Annual, or Annual Business Reports) or subsequent official public disclosures.
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