Canadian Prime Minister Mark Carney (C), accompanied by South Korean Prime Minister Kim Min-seok (R) and Hanwha Group Vice Chairman Kim Dong-kwan during their visit to Hanwha Ocean Co.'s shipyard on Geoje Island in South Gyeongsang Province, southeastern South Korea. Photo by YONHAP / EPA
June 17 (Asia Today) -- Canada is expected to select a preferred bidder within 30 days for a major submarine procurement program, narrowing the competition to South Korea's Hanwha Ocean and Germany's Thyssenkrupp Marine Systems.
The Canadian Patrol Submarine Project calls for the acquisition of up to 12 conventionally powered submarines to replace the Royal Canadian Navy's four aging Victoria-class vessels.
The acquisition, infrastructure and long-term maintenance program has been estimated by South Korean industry officials at at least 60 trillion won, or about $39.7 billion. Some estimates place its potential value over several decades as high as 120 trillion won, or about $79.4 billion.
Stephen Fuhr, Canada's secretary of state for defence procurement, said Ottawa expected to choose a preferred bidder within 30 days, according to Politico.
