Hanwha Ocean Targets Canadian Submarine Deal With New Overseas Office

South Korean shipbuilder Hanwha Ocean has announced plans to open a new office in Canada as part of its strategic expansion into the North American defense sector. The decision, approved by the board on June 23, reflects the company’s ambition to position itself as a serious contender for the Canadian Patrol Submarine Project (CPSP). Once operational, the Canadian branch will become the seventh international office operated by Hanwha Ocean, joining existing locations in the United States, Japan, Singapore, and Norway.

The move signals an intensification of Hanwha’s efforts to win high-profile naval contracts in advanced markets. The CPSP is currently one of the most ambitious military procurement programs in Canada. The Canadian government plans to acquire between eight and twelve new submarines under this initiative, with a total estimated budget of up to 60 trillion won (approximately $43.7 billion).

The project aims to replace aging underwater assets while enhancing national sovereignty in maritime surveillance and deterrence. Hanwha Ocean, as part of a broader consortium supported by the South Korean Defense Acquisition Program Administration, seeks to offer advanced submarine technologies that have been tested and refined through operational experience in the Asia-Pacific. Although the company has confirmed the intention to open a Canadian office, no final decision has been made regarding the timeline or structure of the new entity.

Nevertheless, industry analysts view this announcement as a clear sign of Hanwha’s long-term commitment to building a presence in the Canadian defense ecosystem. Establishing a local footprint could allow the firm to better navigate regulatory frameworks, engage with local stakeholders, and offer offset arrangements aligned with Canada’s Industrial and Technological Benefits (ITB) policy. Hanwha Ocean has steadily increased its profile on the international stage through various naval and support vessel programs, including maintenance contracts with the U.S. Navy.