Deals to watch: Hanwha Ocean and HD Hyundai face three European yards for the Philippines' first two submarines
The Philippines is evaluating bids for its first two diesel-electric submarines under the Re-Horizon 3 modernization program, with a budget of about $1.4 to 2.0 billion. Hanwha Ocean and HD Hyundai Heavy Industries compete against Naval Group, Navantia, and a Fincantieri and TKMS offer. As of September 27, 2026 no award had been made; the program entered proposal-review stages in September, and HD Hyundai is seen as having an edge from its Subic Bay logistics center. A Korean win would extend the naval relationship built on the two HD Hyundai-built Miguel Malvar-class frigates. Next milestone: award decision, date unknown.
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