Hanwha Ocean has secured a contract worth 394.3 billion won ($264.7 million) to build two very large crude carriers (VLCCs) for a North American client.
The South Korean shipbuilder disclosed the deal in a regulatory filing on Wednesday, marking a fresh addition to its commercial order book.
Shares of the company plunged approximately 23% in Seoul trading on Tuesday, wiping out billions in market capitalization.
The order comes at a critical juncture for Hanwha Ocean, which has faced significant market headwinds.
Shares of the company plunged approximately 23% in Seoul trading on Tuesday, wiping out billions in market capitalization.
The sell-off was triggered by the company's elimination from the race to build Canada’s next-generation submarine fleet, a high-profile defense contract that investors had closely tracked.
This new commercial win provides a partial offset to the recent disappointment in the defense sector.