Fact Source: Financial Supervisory Service DART
💡 Executive Summary
Hanwha Ocean filed a correction disclosure regarding its contract for one Field Control Station (FCS) with an Oceanian shipowner, revising the contract amount down to KRW 899.4B due to storage fee settlements and extending the contract end date to April 3, 2027.
📊 [Key Disclosure Details & Financial Summary]
1. Correction Disclosure Overview
- Target Disclosure: Sales and Supply Contract (Initial Filing Date: 2022-01-11 / Prior Filing Date: 2025-10-30)
- Reason for Correction: Reflecting actual settled storage fees upon confirming storage period (Reduction in contract amount) and extending contract end date
2. Contract Terms & Financial Scale Revisions
- Contract Name: 1 Field Control Station (FCS)
- Contract Amount:
- (Before) KRW 912,000,000,000 (KRW 912.0B)
- (After) KRW 899,400,000,000 (KRW 899.4B / KRW 12.6B decrease)
- Recent Revenue: KRW 7,030,200,000,000 (KRW 7.0302T based on FY2020 consolidated financial statements at initial award)
- Ratio to Revenue: (Before) 13.0% → (After) 12.8%
- Contracting Party & Region: Oceanian Shipowner (No special relationship) / Oceania Region
3. Contract Period Revision
- Start Date: 2022-02-01
- End Date: (Before) 2026-07-18 → (After) 2027-04-03 (Extended by approx. 8.5 months)
- Contract Date: 2022-01-10
4. Primary Reason for Reduction & Other Notes
- Cause of Reduction: Provisionally included storage fees were converted into actual settled amounts upon fixing the storage period during recent negotiations, resulting in a reduced contract value
- Applied FX Rates: Multi-currency contract using FX rates as of contract date 2022-01-10 (USD/KRW = 1,202.40, etc.)
- Project Structure: Two-stage structure (Stage 1: Design verification & execution prep; Stage 2: Main construction execution)
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Monitoring Revised Contract Value Post-Storage Settlement and Extended Construction Schedule
This filing notifies the market that Hanwha Ocean adjusted the contract value down by KRW 12.6B and extended the contract completion date to April 3, 2027, for its 2022 FCS order following the final settlement of storage fees.
Now that storage fee terms have been finalized, verifying whether construction proceeds smoothly without further schedule delays over the extended contract period (until April 3, 2027) is important for tracking the final revenue recognition of this major offshore project.
Progress regarding construction schedule and final settlement figures can be tracked through future official periodic filings, such as Quarterly, Semi-Annual, and Annual Reports, or subsequent correction disclosures.
📢 Disclaimer & Source Notice
Source: This content was newly structured and generated based on official filing data from the Financial Supervisory Service DART system.
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