Source Fact: Financial Supervisory Service DART / 2025-01-13
Disclosure Type: Execution of Single Sales/Supply Contract
💡 3-Second Summary
Hanwha Ocean has amended its previous disclosure to extend the contract completion date for a wind turbine installation vessel (WTIV) ordered by a European shipowner from May 31, 2025, to December 31, 2025.
📊 1. [Summary of Key Disclosure Content and Major Figures]
- Target Document for Amendment: Execution of Single Sales/Supply Contract submitted on December 11, 2023
- Reason for Amendment: Change in contract end date
- Contract Name: Construction Order for 1 Wind Turbine Installation Vessel (WTIV) Project
- Amendments (Changes in Contract Period End Date and Text Addition):
- Contract Period End Date: (Before) 2025-05-31 → (After) 2025-12-31
- Contract Amount: KRW 382,900,000,000 (Approximately KRW 382.9B)
- Foreign Exchange Rate & Revenue Standards: Calculated using the trading reference rate of 1 USD = 1,180.30 KRW as of December 2, 2021 (Rounded to the nearest KRW 100 million) / Recent revenue stands at KRW 7,030,200,000,000 (Based on the consolidated financial statements at the end of 2020)
- Proportion to Recent Revenue: 5.4% relative to recent revenue
- Counterparty & Shipping Region: Shipowner in the European region (No specified relationship with the company) / Europe region
- Overall Contract Period: Start Date December 2, 2021 ~ End Date December 31, 2025
- Major Contract Terms: Down payment and advance payment exist; payment terms are structured as the 1st interim payment (5%), 2nd interim payment (5%), 3rd interim payment (10%), 4th interim payment (10%), 5th interim payment (10%), and the 6th remaining balance collected upon delivery (60%)
- Contract (Order) Date: December 2, 2021
📈 2. [Expert View: What This Disclosure Means for Investors]
This disclosure represents an official statutory amendment notifying that the execution timeline condition of the single vessel construction contract initially secured from a European shipowner in December 2021 has been adjusted. The modification shifts the contract completion date from late May 2025 to late December 2025, resulting in an extension of approximately seven months.
According to the conditional accounting facts newly appended to the critical note segment, this contract period end date is a modified end date based on the premise of achieving agreed conditions with the shipowner, and the timeline carries a potential likelihood of changing again if the conditions are not met in the future. The total transaction value is maintained at KRW 382.9B, representing a fixed 5.4% relative to the consolidated recent revenue compiled as of the end of 2020. The official disclosure does not state how this timeline extension will impact the company’s detailed quarterly operating profit margin recognition schedule, potential liquidated damages, or future stock price trends. Therefore, instead of assuming alternative financial impacts using external sources, investors should interpret this disclosure focusing strictly on the conditional timeline structure based on the achievement of the agreed parameters.
📝 Editor’s Comment (by K-STOCK Editor)
Hanwha Ocean’s recent amendment establishes a shift in the final delivery schedule to December 31, 2025, for the construction of a WTIV vessel handled for a European shipowner. For the construction project equivalent to 5.4% of its benchmark revenue, the core fact remains that the cash collection timeline has shifted under a payment framework where the final 60% delivery balance holds a substantial portion.
The primary variables and checkpoints that investors need to keep in mind moving forward are confined to whether the underlying parameters agreed with the shipowner are actually satisfied and whether subsequent updated disclosures emerge. As explicitly outlined in the newly added notes, the adjusted timeline remains strictly conditional and subject to potential revision if underlying agreements are unmet. Since explicit quantitative shifts in the final settlement value or alternative segment margin metrics are not outlined in the original text, over-optimism derived from external assumptions should be avoided, and investors should rely strictly on subsequent official disclosure updates to verify any adjustments to this filing as their primary checkpoints.
📢 Disclaimer & Source Information
Source: This content was newly structured and written based on official data submitted to the Financial Supervisory Service electronic disclosure system (DART).
Investment Risk Notice: This information 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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