The penguin pants are a second-tier piece of penguin armor that can only be obtained after finding Little Blue Penguins. They remove the negative effects on walking speed while wearing the Penguin Flippers, so that it's less important to remove the flippers when walking on land. However, the speed still doesn't quite match normal walking speeds. Note that the Penguin Pants do not help walking speeds if you are wearing Flame Penguin Flippers.
The Penguin Pants can be repaired with black Penguin Skins.
1.2.5e: Changed the recipe.