Hanwha Ocean expressed disappointment over its failure to secure the $60 billion Canadian Submarine Program (CPSP), stating, "There is much regret, but it is entirely due to our shortcomings."
On July 7, Hanwha Ocean released a statement saying, "Despite the government's full support, the outstanding performance of our submarines, and the Navy's successful operational experience, we could not overcome the NATO alliance's barriers. We approached this with a diligent attitude, so there is much regret left behind."
The company added, "We will closely analyze the challenges identified during this bidding process and seek definitive alternatives, ensuring that 'K-defense' can make further strides in the global market."
Hanwha Ocean also expressed gratitude to the citizens who supported them, as well as to government and National Assembly officials, and military personnel from the Navy and Defense Acquisition Program Administration. They thanked all corporate partners who participated in the bidding efforts.
Meanwhile, Canadian Prime Minister Mark Carney announced on July 6 that ThyssenKrupp Marine Systems (TKMS) has been selected as the preferred bidder for the CPSP project.
* This article has been translated by AI.
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