The company said estimated total project costs for CVOW, including contingency and excluding financing costs, rose from about $11.2 billion to about $11.5 billion, and that completion is now expected in early 2027.

1. 01

   The company said estimated total project costs for CVOW, including contingency and excluding financing costs, rose from about $11.2 billion to about $11.5 billion, and that completion is now expected in early 2027.

2. 02

   The company said the current capital budget of $11.5B reflects actual and estimated tariffs of $580M and $228M associated with the BOEM Suspension Order. It cited construction delays related to the BOEM Suspension Order ($228M) and incremental tariff recognition ($137M) as drivers of the cost increase.

3. 03

   The company said it received an order from BOEM on December 22, 2025 to suspend CVOW-related activities for 90 days for national security reasons, and that a federal court blocked enforcement of the order with a preliminary injunction on January 16, 2026, allowing offshore work to resume.

4. 04

   The company said that as of December 31, 2025, project-to-date investment was about $9.3B and remaining project costs were about $2.2B. It said unused contingency was $155M, compared with $206M last quarter.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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