Canadian PM Designates TKMS as Preferred Partner for Submarine Program, Hanwha Ocean Named Reserve Supplier

According to Yonhap Infomax, Canadian Prime Minister Mark Carney officially designated Germany's ThyssenKrupp Marine Systems (TKMS) as the preferred negotiation partner for Canada's next-generation submarine procurement project (CPSP) on July 7. Hanwha Ocean, the South Korean defense contractor, was named a reserve supplier and retains negotiation rights if talks with TKMS break down.

Hanwha Ocean maintains a robust backlog of 4.92 billion U.S. dollars in special-purpose vessels (15 ships) as of May 31, part of its total contract backlog of 34.26 billion U.S. dollars. The company has demonstrated competitive technology and pricing against established European suppliers, with Canadian authorities confirming both finalists met operational requirements.