Prime Minister Mark Carney looks over a 212A class submarine under maintenance as he tours Thyssenkrupp Marine Systems (TKMS), a submarine building facility in Kiel, Germany, on Tuesday, Aug. 26, 2025. Photo by Christinne Muschi / The Canadian Press

Peter Graham has been fielding more and more calls from Canadian companies closely watching the race to replace the navy’s aging fleet of submarines, looking for a slice of the billions of dollars about to be put in play.

The head of KPMG Management Consulting’s aerospace and defence team in Canada said the submarine contract is down to two offshore bidders — Germany’s ThyssenKrupp Marine Systems GmbH (TKMS) and South Korea’s Hanwha Ocean Ltd. — but Canada’s defence suppliers will also be in for a big boost.

Canada is looking for an econ

See Full Page