Source of Facts: Financial Supervisory Service DART / 2025-12-04
Disclosure Type: Execution of Single Sales/Provider Contract (Amendment)
💡 3-Second Summary
Hanwha Ocean has amended its contract with an Oceanian shipowner for one Field Control Station (FCS). Due to the finalization of the storage period, provisional storage fees were converted into actual settlement figures, resulting in a contract value decrease from KRW 912.0 billion to KRW 899.4 billion, while the contract end date has been extended to April 3, 2027.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Contract Category & Contract Name: Construction Order / 1 Field Control Station (FCS)
- Initial and Prior Filing Dates:
- Initial Contract/Order Date: January 10, 2022
- Last Amendment Date: October 30, 2025 (Current Amendment Date: December 4, 2025)
- Comparison of Contract Value & Ratio (Before vs. After Amendment):
- Contract Value: (Before) KRW 912,000,000,000 ➡️ (After) KRW 899,400,000,000 (Approx. KRW 899.4B) (A decrease of approximately KRW 12.6B, with the ratio to the recent annual revenue of KRW 7.0302T as of the end of fiscal 2020 adjusted from 13.0% to 12.8%)
- Comparison of Contract Period (Before vs. After Amendment):
- Start Date: February 1, 2022 (Unchanged)
- End Date: (Before) July 18, 2026 ➡️ (After) April 3, 2027 (An extension of approximately 8.5 months)
- Contract Counterparty & Region: An Oceanian shipowner (No relationship with the company) / Oceanian region
- Key Contract Terms & Process Structure:
- Down payment/prepayment: None; Payment structured progressively based on construction milestones.
- The project consists of two stages: Stage 1 (Design verification and preparation for construction execution) and Stage 2 (Main construction execution).
- Reason for Amendment: Provisional storage fees previously included in the contract value were converted into actual settlement amounts as the storage period was finalized during the negotiation process, leading to a decrease in the total contract value.
- Multi-Currency Exchange Rate Standard: The contract is structured under a multi-currency agreement. The KRW translated values were calculated based on the reference exchange rates as of the initial contract date (January 10, 2022) posted by the Seoul Foreign Exchange Brokerage (1 USD = 1,202.40 KRW, 1 GBP = 1,633.94 KRW, 1 EUR = 1,365.69 KRW, 1 AUD = 863.02 KRW, 1 NOK = 136.11 KRW, 1 MYR = 285.67 KRW), rounded to the nearest one hundred million won.
- Project Variability Clause: The contract period and final settlement amount remain subject to subsequent changes during the construction progress.
📈 2. [Expert View: What This Disclosure Means for Investors]
- Recording of Value Adjustments Driven by Storage Settling: This filing officially registers a contract price adjustment for the Field Control Station (FCS), bringing the total contract value to KRW 899.4 billion. The reduction of approximately KRW 12.6 billion reflects the transition of provisional storage estimates into finalized billing entries, adjusting the backlog representation to 12.8% of historical annual revenue.
- Extension of Project Schedule: Shifting the contract end date parameter from July 18, 2026, to April 3, 2027, establishes the updated timeline for the construction project. This modification updates the corporate record to reflect the adjusted schedule for the remaining stages.
- Multi-Currency Baseline Parameters: The registered KRW financial entries are calculated using the fixed multi-currency benchmarks established in January 2022. Because the transaction involves several currencies, the specific parameters remain governed by the terms specified under the original agreement, under which the final settlement figures remain subject to the stated disclosure provisions.
📝 Editor’s Comment (by K-STOCK Editor)
Hanwha Ocean’s amended regulatory filing regarding its single sales and provider contract outlines the updated parameters established for the Field Control Station (FCS) project with an Oceanian shipowner. According to the document, following an agreement to finalize the storage period, provisional storage costs were formally settled, adjusting the total contract value to KRW 899.4 billion and extending the final completion deadline to April 3, 2027.
The critical variables and primary checkpoints for investors to analyze moving forward are the ‘actual execution progress of Stage 2 main construction through April 3, 2027’ and the ‘exact figures entered into the financial record.’ This filing registers the structural transition of provisional expenses into finalized entries and the extension of the operational schedule.
Consequently, investors should analyze the situation based on the completed transaction details as of December 4, 2025, as stated in the filing. It remains essential to monitor the verified project milestones and track the completed entries listed in the document as part of the official corporate disclosure, under which the contract value and schedules remain subject to the parameters specified in the text.
📢 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.
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