Source of Facts: Financial Supervisory Service DART / 2026-06-29
Disclosure Type: Debt Guarantee for Others (Amendment)
💡 3-Second Summary
Hanwha Ocean has amended its debt guarantee filing to correct the debtor’s relationship status from ‘Affiliate’ to Undefined (-) due to its exclusion from affiliates, while maintaining the joint performance guarantee value of KRW 2.64T (Hanwha Ocean’s portion: KRW 1.9716T) linked to completion obligations, provided that all contents are subject to change during the project execution process.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Reason for Amendment: Exclusion of the debtor from company affiliates.
- Amended Item: Debtor’s relationship with the company changed from ‘Affiliate’ to Undefined (-).
- Debtor: Sinan Eoui Offshore Wind Power Co., Ltd.
- Creditors: Korea Development Bank, Kookmin Bank, KB Insurance, KB Life Insurance, Shinhan Bank, Hana Bank, Hana Life Insurance, Hana Insurance, Woori Bank, Tongyang Life Insurance, NongHyup Bank, NH Chemical Insurance, Busan Bank, Samsung Fire & Marine Insurance, Kyobo Life Insurance, Hyundai Marine & Fire Insurance, Lotte Insurance, Industrial Bank of Korea, etc.
- Debt & Debt Guarantee Amount: KRW 2,640,000,000,000 (KRW 2.64T)
- As the exact indemnity amount cannot be determined at present, this reflects the project’s total construction cost (KRW 1.9716T for Hanwha Ocean, KRW 668.4B for Hyundai Engineering & Construction). The final amount will be determined in consultation with creditors upon occurrence of actual damages.
- This represents 54.28% of the company’s total equity (KRW 4,863,349,890,725 based on the consolidated financial statements at the end of 2024).
- Debt Guarantee Period: April 9, 2026 (Expected execution date of the investor agreement) ~ June 19, 2029 (Expected overall project completion date).
- Total Balance of Debt Guarantees: KRW 766,475,468,081 (Excluding this specific guarantee amount).
- Key Contract Terms: As a construction investor in the project, Hanwha Ocean assumes joint liability to indemnify creditors for damages if construction completion obligations are unfulfilled. This obligation is shared jointly among construction investors and will expire upon successful project completion.
- Project Financing (PF) Status: The total amount of the Other PF Loan type provided for Sinan Eoui Offshore Wind Power Co., Ltd. is KRW 2,890,000,000,000.
- Debtor Financial Summary (End of 2024): Total Assets KRW 4,023 million, Total Liabilities KRW 16 million, Total Equity KRW 4,006 million, Sales None, Net Income KRW -421 million.
- Project Variability Clause: All the aforementioned details are subject to change during the course of the project execution process.
📈 2. [Expert View: What This Disclosure Means for Investors]
- Amendment for Reporting Classification Changes: This disclosure is an administrative correction filed to update the regulatory paperwork, reflecting that the debtor’s classification status has changed. No changes have been made to the substantive financial conditions of the contract, such as the total guaranteed value, period, or underlying conditions.
- Structure of Joint Indemnity Obligations and Variability: The stated debt guarantee of KRW 2.64T (with Hanwha Ocean’s portion at KRW 1.9716T) is not a finalized debt obligation. It represents a contingent indemnity structure where construction investors share joint liability exclusively if construction completion obligations are unfulfilled. The obligation is structured to expire upon successful completion of construction. Crucially, as explicitly stated in the source text, these disclosure details inherently retain the potential to be modified as the project moves forward.
- Verification of Nominal Balances: This amendment provides confirmation of the existing outstanding debt guarantee balance of approximately KRW 766,475 million (excluding the current transaction) and outlines the quantitative financial items of the debtor for the fiscal year 2024, both of which may also face updates depending on project developments.
📝 Editor’s Comment (by K-STOCK Editor)
Hanwha Ocean’s amended filing regarding the debt guarantee for others was submitted to correct the regulatory classification of the debtor’s relationship status within the historical disclosure paperwork. According to the document, the relationship status was updated because the debtor was excluded from company affiliates, and it does not contain any material changes to the commercial figures or conditions such as the aggregate guarantee values or the finalized validation schedules.
The critical variable and primary checkpoint for investors to watch moving forward is the joint completion indemnity structure of KRW 2.64T specified in the disclosure, along with the explicitly stated condition that ‘the contents are subject to change during the project execution process.’ This obligation remains unfinalized as an exact damage value and is recorded based on Hanwha Ocean’s construction cost portion of KRW 1.9716T. Investors must clearly note the factual structure that this liability is shared jointly among construction investors, is designated to expire upon completion of the project, and most importantly, can be modified in the future depending on the progress of the project.
Consequently, investors should avoid drawing conclusions based solely on the administrative amendment of the affiliate relationship status or treating these parameters as permanently fixed terms. It is essential to focus entirely on the explicit facts outlined in the disclosure text, including the expected overall project completion date of June 19, 2029, the conditional expiration parameters of the indemnity clause, and the foundational disclosure note that all parameters remain subject to future changes as the business develops.
📢 Disclaimer & Source Information
Source: This content was newly structured and written based on the official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Risk Advisory: This information is provided for informational and linguistic reference purposes only. 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.
Contact: For compliance inquiries or copyright requests, please contact ksb220805@gmail.com.
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