Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
This filing is a corrected disclosure by Hanwha Ocean adjusting the transaction date and loan period (from April 22, 2025 to April 22, 2040) regarding its shareholder loan decision for affiliate Tidal Action LLC.
📊 Key Filing Details & Key Figures Summary
1. Correction Details & Reason
- Original Disclosure: Loan Decision (Originally Filed: March 21, 2025)
- Reason for Correction: Changes in transaction date and loan period
- Corrected Items:
- Transaction Date: (Before) April 17, 2025 → (After) April 22, 2025
- Loan Start Date: (Before) April 17, 2025 → (After) April 22, 2025
- Loan End Date: (Before) April 17, 2040 → (After) April 22, 2040
2. Key Terms of Loan
- Borrower: Tidal Action LLC (Relationship: Affiliate)
- Transaction Date: April 22, 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 22, 2025 ~ April 22, 2040 (15 Years)
- Purpose of Loan: Shareholder loan for business operations of an affiliate
- 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 (Base rate as of March 21, 2025)
- 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 Adjusted Loan Schedule and Construction Receivables Offsetting Status
This corrected disclosure reflects the postponement of the transaction date and loan start date to April 22, 2025, for the shareholder loan to Tidal Action LLC. Tracking the execution of the loan and verifying the offsetting process against remaining drillship construction receivables according to the revised schedule 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
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