Hanwha Ocean has expressed deep regret over its failure to secure the final contract in Canada's Next-Generation Submarine Program (CPSP) competition.

In a statement released on the 7th, Hanwha Ocean said, "We did our utmost to win the Canadian submarine project, but we were unable to achieve the outcome we had hoped for."

The company cited the barrier of the 'NATO alliance' as the background for the failed bid. Hanwha Ocean explained, "Based on the full support of the government, the outstanding performance of our submarines, and the Navy's successful submarine operational experience, we made every effort to win the contract, but we were unable to overcome the wall of the NATO alliance." The company added, "Because we approached this endeavor with the principle of doing our absolute best, there is significant regret, but we believe this outcome is entirely due to our own shortcomings."

The company also outlined its future plans. Hanwha Ocean intends to thoroughly analyze the lessons learned during this bidding process to strengthen its competitiveness in the global market going forward. The company emphasized, "We will carefully analyze the challenges identified through this competition, develop definitive countermeasures, and find a path for 'K-maritime defense' to further advance in the global market."

Finally, Hanwha Ocean expressed its gratitude to the public, the government, the National Assembly, and military officials. The company stated, "We extend our deepest gratitude to the citizens who have shown us tremendous support, the government and National Assembly officials who have supported us with all their dedication, and military officials from the Navy and the Defense Acquisition Program Administration." They also added, "We also thank all the corporate officials who participated and worked alongside us in this bidding competition."