The South Korean-built submarine ROKS Dosan Ahn Chang-ho (KSS-III, 3,000 tons) enters the Royal Canadian Navy’s Esquimalt naval base in Victoria, Canada, on May 23 (local time) to participate in joint South Korea-Canada naval cooperation drills. (Republic of Korea Navy) A South Korean consortium may lost its bid for Canada's multibillion-dollar submarine procurement program, with the Canadian government selecting Germany's Thyssenkrupp Marine Systems as the preferred bidder, The Globe and Mail reported Monday, citing anonymous sources.According to the report, Canadian Prime Minister Mark Carney is expected to officially announce the decision later Monday in Halifax, bringing to a close the competition launched in August 2025. The bidding process drew sweeping investment pledges from both South Korea and Germany.The Canadian project calls for the acquisition of up to 12 submarines. The vessels themselves are estimated to cost about 30 billion Canadian dollars ($21 billion), while the total program, including long-term maintenance and sustainment, could reach as much as CA$50 billion.In an effort to strengthen its bid, Korea formed a consortium between its two largest shipbuilders, Hanwha Ocean and HD Hyundai Heavy Industries.Hanwha Ocean pledged more than CA$70 billion in trade and investment between 2026 and 2044, saying the plan would support more than 25,000 jobs annually. HD Hyundai Heavy Industries proposed an offset package that included importing trillions of won worth of Canadian crude oil through HD Hyundai Oilbank.Germany partnered with Norway for its bid, previously saying the project would generate about 650,000 jobs and create an economic impact worth CA$86 billion.