Source Fact: Financial Supervisory Service DART / 2025-03-27
Disclosure Type: Execution of Single Sales/Supply Contract
💡 3-Second Summary
Hanwha Ocean has amended its previous disclosure regarding a contract worth approximately KRW 293.2 billion for an offshore product upgrade project with its affiliate, Tidal Action LLC, extending the contract end date from March 31, 2025, to June 30, 2025.
📊 1. [Summary of Key Disclosure Content and Major Figures]
- Target Document for Amendment: Execution of Single Sales/Supply Contract submitted on February 27, 2025
- Reason for Amendment: Change in the contract period end date
- Contract Name: Construction Order for Offshore Product Upgrade Project
- Contract Amount: KRW 293,200,000,000 (Approximately KRW 293.2B, calculated using the trading reference rate of 1 USD = 1,375.90 KRW as of April 29, 2024, rounded to the nearest KRW 100 million)
- Proportion to Recent Revenue: 4.0% relative to recent revenue (KRW 7,408,300,000,000 based on the consolidated financial statements at the end of 2023)
- Counterparty & Shipping Region: Tidal Action LLC (Affiliate of Hanwha Ocean) / Americas region
- Amendment (Change in Contract Period End Date):
- End Date: (Before) 2025-03-31 → (After) 2025-06-30
- Overall Contract Period: Start Date April 29, 2024 ~ End Date June 30, 2025
- Major Contract Terms: Down payment and advance payment exist; payment terms are structured as the 1st interim payment (20%) and the remaining balance (80%)
- Contract (Order) Date: April 29, 2024
📈 2. [Expert View: What This Disclosure Means for Investors]
This disclosure represents an official amendment notifying that the contract completion schedule has been shifted for the offshore product upgrade contract initially executed in April 2024 and previously amended in February 2025 with the company’s affiliate. The modification moves the contract end date by three months from March 31, 2025, to June 30, 2025.
The specified contract amount of KRW 293.2B represents a fixed 4.0% relative to the consolidated recent revenue as of the end of 2023. According to the notes within the document, this contract period and the final settlement amount carry a potential likelihood of changing again in the future during the execution process. The official disclosure does not state how this timeline extension may impact the specific timing of fund collection, quarterly profit margins, or stock price trends. Therefore, uncertain future outcomes cannot be concluded as facts, and investors should interpret this disclosure focusing strictly on the revised end date and the ratio relative to recent revenue.
📝 Editor’s Comment (by K-STOCK Editor)
Hanwha Ocean’s recent amendment centers on shifting the contract end date to June 30, 2025, for the offshore product upgrade project conducted with its affiliate, Tidal Action LLC. As a project involving capital equivalent to 4.0% of its 2023 consolidated revenue, the core fact remains that the completion timeline has been adjusted in accordance with the construction process.
The primary variables and checkpoints that investors need to verify moving forward are potential changes to the revised contract end date (scheduled for June 30, 2025). As noted in the text, the contract period and the final settlement amount carry a potential likelihood of being adjusted later in the future during the execution process. Since specific investment points or detailed external factors regarding the schedule shift 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 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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