Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
Hanwha Ocean has filed a correction disclosure regarding its contract for three submarines worth approximately KRW 1.16T (12.0% of revenue) with the Ministry of Defense of the Republic of Indonesia, updating the contract end date from “2026-03-31” to “-” due to the agreement remaining ineffective from unissued Letters of Credit.
📊 [Key Disclosure Details & Financial Figures]
- Key Correction Details:
- Contract End Date: March 31, 2026 ➔ Corrected to “-” (Unspecified)
- Other Remarks: Clarified that the contract remains ineffective due to pending Letter of Credit issuance by the buyer; added details on project delays (e.g., defense acquisition policy reviews in Indonesia) and ongoing discussions regarding project resumption following the South Korea-Indonesia summit during the APEC Summit
- Reason for Correction: Correction of contract period end date
- Contract Overview (Construction of 3 Submarines):
- Contract Title: 3 Submarines
- Contract Type: Construction Order
- Contract Amount: KRW 1,162,000,000,000 (Approx. KRW 1.16T)
- Recent Annual Revenue: KRW 9,644,400,000,000 (Based on end-2018 consolidated financial statements, rounded to nearest 100M KRW)
- Ratio to Revenue: 12.0%
- Counterparty: Ministry of Defense of the Republic of Indonesia
- Relationship with Company: –
- Location: Indonesia
- Corrected Contract Period: April 12, 2019 ~ –
- Key Conditions: Down payment/advance payment included; collection based on construction progress
- Contract (Order) Date: April 12, 2019
- Other Remarks:
- Contract amount calculated using the standard exchange rate as of April 12, 2019 (1 USD = 1,139.20 KRW)
- Contract currently remains ineffective as the issuance of the Letter of Credit, a condition precedent for entry into force, has not yet occurred
- A correction disclosure will be filed once subsequent procedures are finalized
- Contract period and final settlement amount are subject to change depending on the contract effective schedule and construction progress
- Related Disclosure: 2019-04-12 Execution of Sales / Supply Contract
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Monitoring Project Resumption Discussions and Potential Entry into Force Upon Letter of Credit Issuance
Checking the status of project resumption discussions and the correction regarding the contract end date is important because it allows investors to verify whether conditions precedent, such as the issuance of Letters of Credit, are met, and to track future correction disclosures upon the finalization of subsequent procedures. Investors can verify further details through subsequent correction disclosures and periodic reports (Quarterly, Half-Yearly, and Annual Reports).
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Source: This content was structured and newly generated based on official submission data from the Financial Supervisory Service DART system.
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