Hanwha Ocean Acknowledges Failure to Win Canada Submarine Contract, Pledges Alternatives

Hanwha Ocean acknowledged on July 7 its failure to win Canada's next-generation submarine program (CPSP) and committed to finding viable alternatives in global markets. The South Korean defense contractor stated in an official statement that despite strong government support, superior submarine performance, and successful navy operational experience, the company was unable to overcome "NATO alliance barriers."

The company said it will analyze lessons from the competition and identify new opportunities for Korean maritime defense exports to advance globally. Hanwha Ocean also expressed gratitude to the Canadian government's choice of Germany's ThyssenKrupp Marine Systems (TKMS), attributing the outcome to NATO members' prioritization of interoperability and traditional security ties among allies.