Canada Signals Single Winner for $42B Submarine Contract — Decision Before NATO Summit

Canada's defense minister confirmed the $42.2 billion Canadian Patrol Submarine Project will go to a single supplier, with a decision expected before PM Carney departs for the NATO summit in Ankara on July 7. Hanwha Ocean faces Germany's TKMS in the final round to build up to 12 diesel-electric submarines. Hanwha has signed partnerships with 80+ Canadian firms, pledging C$70B in economic effects and 25,000 annual jobs. A Korean win would be the largest naval export in K-defense history and could open follow-on bids in Greece and Saudi Arabia.