Canadian Prime Minister Mark Carney announced on Monday evening that German shipyard TKMS will supply up to twelve submarines. The company prevailed against a South Korean competitor.
The contract covers submarines of the 212CD type, developed jointly by Germany and Norway. Canada will replace its four Victoria-class boats with them. The order volume for the submarines including service is estimated at around 20 billion euros.
Chancellor Friedrich Merz described the decision as a strong sign of transatlantic and European cooperation. Defense Minister Boris Pistorius called it a pillar of NATO strategy in the high north and stressed that contracts must now be finalized and the boats built quickly.
The boats will be built in Kiel and Wismar, where up to 1500 new jobs are expected to be created. For TKMS this is the largest submarine order in the company's history. The share price rose by up to 13 percent after the announcement.
