Industry

Hanwha Ocean misses Canada submarine bid but secures export path and local partnership network

Germany’s Thyssenkrupp Marine Systems has been selected as preferred bidder for Canada’s next submarine procurement project, while the Hanwha Ocean-HD Hyundai Heavy Industries team was named a backup supplier and lost a bid valued at 60 trillion won. Canadian Prime Minister Mark Carney called it a close decision. Hanwha Ocean said it could not overcome NATO considerations, but retained a reserve role and expanded local partnerships in Canada.

Industry

Hanwha Ocean submarines eye Canada as 60 trillion won defence order nears decision

Canada is set to announce on July 7 Korea time a preferred bidder for its Canadian Patrol Submarine Project, a competition involving a South Korean team led by Hanwha Ocean and HD Hyundai Heavy Industries and Germany’s Thyssenkrupp Marine Systems. The programme aims to build up to 12 diesel submarines to replace four Victoria-class boats retiring in the mid-2030s. Total costs could reach 60 trillion won including 30 years of maintenance and operations.