Canadian Prime Minister Mark Carney announced that German company TKMS has been selected as the preferred bidder for Canada's new naval submarine project, beating out South Korean rival Hanwha Ocean.
The program, valued at up to $100 billion, represents Canada's largest procurement project in history. Under the plan, Canada intends to purchase up to 12 Type 212CD diesel-electric submarines in cooperation with Norway.
Carney also stated that TKMS has agreed to transfer some production capacity allocated to German and Norwegian orders to Canada, with the first four submarines scheduled for delivery to the Royal Canadian Navy by 2034.