Key facts
- Canada chose Germany's Thyssenkrupp Marine Systems over a South Korean consortium for a submarine procurement program.
- The deal is valued at up to 60 trillion won (US$39.1 billion).
- President Lee Jae Myung acknowledged the outcome, highlighting South Korea's advanced submarine technology and potential.
- Lee pledged continued government support for the nation's submarine industry.
South Korean shipbuilder Hanwha Ocean has lost out on a major submarine deal with Canada, with German rival Thyssenkrupp Marine Systems (TKMS) selected as the preferred bidder to supply up to 12 vessels to the Royal Canadian Navy. The project is valued at up to 60 trillion won (US$39.1 billion).
President Lee Jae Myung expressed disappointment over the decision but stated that the bid process demonstrated South Korea's advanced submarine technology and potential on the international stage. He pledged continued government support for the nation's submarine industry, including research and development, export assistance, and international cooperation, expressing confidence that the experience gained would enhance competitiveness.
Canadian Prime Minister Mark Carney announced the selection of TKMS on July 6 at HMC Dockyard in Halifax, Nova Scotia.