Hanwha Ocean has linked its Canadian Patrol Submarine Project (CPSP) bid to a CAD 6.3 billion ($4.52bn) LNG and hydrogen investment package, projecting CAD 96.3 billion ($69.04bn) GDP impact and over 433,000 Canadian job-years from 2026 to 2044, according to Energy & Maritime Solutions.
The company has committed to deliver the first four submarines by 2035 and all 12 by 2043. Its plan includes establishing a venture capital fund to support Canadian companies in defence, shipbuilding, artificial intelligence, aerospace, nuclear technologies and other advanced sectors.
Hanwha Ocean is engaged in engineering on the Fermeuse LNG project in Newfoundland and Labrador and emerging LNG export opportunities in Western Canada. Korea has invested CAD 1.6bn ($1.15bn) in LNG Canada, expected to rise to CAD 3.2bn ($2.29bn) as future phases advance.
Canadian crude oil exports to Korea are projected at 16 million barrels in 2026 and 20 million barrels in 2027 following the removal of a 3% import tariff.
The company’s hydrogen initiative, Project Beaver, involves over CAD 3.1bn ($2.22bn) in investment and around 9,000 jobs. It includes a liquefaction facility in British Columbia, refuelling stations in British Columbia and Alberta, and a hydrogen-powered commercial vehicle manufacturing facility in Ontario.
APMA estimates the broader partnership with Algoma could create 30,000 direct and indirect jobs in Ontario. In 2025, Canada exported energy products to Korea worth CAD 2.2bn ($1.58bn), while metal ores and non-metallic minerals totaled CAD 1.5bn ($1.08bn).
Hanwha Ocean is a South Korean shipbuilding and offshore engineering company founded in 1973. Its Geoje shipyard spans 5 km² and employs over 31,000 staff, producing approximately 45 naval and commercial ships annually. The company has delivered more than 1,400 vessels worldwide and provides design, construction and sustainment for submarines and surface combatants.
APMA is Canada’s Automotive Parts Manufacturers’ Association, representing suppliers to the automotive and mobility sectors.
Algoma is a Canadian industrial partner in the June 1 MOU with Hanwha and APMA.
LNG Canada is an LNG export project in Canada; ownership details are not specified in the source text.