Seoul: South Korean shipbuilder Hanwha Ocean Co. is planning to establish a new office in Canada as part of its strategy to strengthen its presence in the North American defense market. This development is aimed at enhancing the company’s efforts to secure a significant contract for submarines with the Canadian government, industry sources revealed on Wednesday.

According to Yonhap News Agency, the board of directors at Hanwha Ocean approved the plan to set up the Canadian office during a meeting held on June 23. Once established, this office will be the company’s seventh overseas branch, joining existing locations in countries such as the United States, Japan, Singapore, and Norway.

This decision comes as Hanwha Ocean aims to become a key player in the Canadian Patrol Submarine Project (CPSP). Canada is currently looking to acquire between eight to 12 submarines, with a total budget of up to 60 trillion won (US$43.7 billion), under this initiative. The project presents a significant opportunity for Hanwha Ocean to expand its influence in the defense sector.

In March, South Korea’s Defense Acquisition Program Administration announced that domestic defense companies would collaborate to participate in the Canadian project. A Hanwha Ocean official confirmed the company’s intention to open the Canadian office but mentioned that “details of the establishment have yet been decided.”