Hanwha Ocean: "First Canadian Submarine Delivery in 2032... A Catalyst for Industrial Cooperation"

Emphasized in Local Media Interview
Final CPSP Proposal Submitted

Hanwha Ocean, a Korean company participating in Canada's submarine procurement project, emphasized its vision for expanding industrial cooperation between the two countries during an interview with local media.

Hanwha Ocean Submarine. Photo by Yonhap News Agency

According to the Canadian news agency The Canadian Press on March 3 (local time), Hanwha Ocean CEO Oh Seongcheol stated in an interview that winning the Canadian Patrol Submarine Project (CPSP) would serve as a catalyst for expanding industrial cooperation between Korea and Canada.

CEO Oh said, "This contract will be an important driver to elevate the bilateral relationship," adding, "Cooperation can be expanded beyond the submarine business to various industrial sectors."

Previously, a consortium of Korea's Hanwha Ocean and HD Hyundai Heavy Industries, along with Germany's ThyssenKrupp Marine Systems (TKMS), submitted their final proposal for the CPSP to the Canadian government on March 2. The proposal is reported to include the submarine delivery schedule and investment plans linked to the project contract.

CEO Oh explained that the proposal includes investment plans in a wide range of fields such as steel, artificial intelligence (AI), and the space industry. He also projected that if the project proceeds, it could create approximately 25,000 jobs annually on average from 2026 to 2044.

Through the proposal, Hanwha Ocean presented a plan to deliver the first submarine in 2032 and supply a total of four submarines by 2035. The company noted that a fixed price estimate condition was included in the proposal, but did not disclose the specific amount.

The shipbuilding industry has evaluated this timeline as faster and more concrete than that of its competitor, Germany's TKMS. The German side is reported to have proposed delivering at least two submarines by 2034.

CEO Oh stressed, "Hanwha's proposal is not just a platform proposal; it combines a clear delivery plan with a long-term industrial partnership," adding, "It is also aligned with Canada's defense industrial strategy."

He also stated that, in addition to the submarine project, Hanwha is considering cooperation in a variety of fields, including ground defense programs, electronic and AI technologies, and Arctic-related capabilities. He noted that partnerships have already been established with several Canadian companies, and said, "Regardless of the contract outcome, we will continue to expand these partnerships."

The Canadian Press also highlighted Hanwha's large-scale digital advertising campaign at bus stops in downtown Ottawa. It was noted that it is unusual for public advertising to be conducted for a submarine project targeting the general public.

The outlet also conveyed the position of competitor TKMS. Oliver Burkhard, CEO of TKMS, commented on the fact that the Canadian government considers economic impact as an important evaluation criterion for the project, stating, "Such requirements are also influenced by U.S. policy," and that they are putting considerable pressure on the bidding companies.

Regarding expectations that the Canadian government hopes for increased local investment from Korean and German automotive companies, he said, "The contribution to the Canadian economy should not be judged solely by whether automobiles are produced or not."

This content was produced with the assistance of AI translation services.