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Hanwha Ocean and Babcock International proposed a trilateral partnership among South Korea, the UK, and Canada for the Canadian Patrol Submarine Project (CPSP) valued at CAD 60 billion (USD 43 billion). The project aims to replace Canada's Victoria-class submarines with 12 advanced KSS-III submarines.

Hanwha will supply the KSS-III, equipped with lithium-ion batteries and AIP systems, while Babcock will manage key subsystems and local project localization in Canada. If successful, this will be South Korea's largest defense export contract. Hanwha claims it can deliver the first four submarines by 2035, completing the order by 2043, while emphasizing 'Sovereign Sustainment' for Canada's submarine operations.