SEOUL, Nov. 14 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co., the world's second-largest shipbuilder by orders, said Wednesday it has clinched a deal worth 631.5 billion won (US$577 million) to build two guided missile frigates for the South Korean Navy.
The shipyard said it is set to deliver the 2,800-ton frigates to the Navy by 2022. The vessels will feature stealth design and use a hybrid electric drive propulsion system designed to reduce noise for more effective anti-submarine operations.
In February, Daewoo Shipbuilding delivered the 2,800-ton frigate Daegu -- the first vessel of the Navy's second guided missile frigate acquisition program.
The shipbuilder said it has received $5.45 billion worth of ship orders for 41 vessels so far this year, accounting for about 75 percent of its order target of $7.3 billion.
Cabinet reshuffle sets up Moon administration for 2nd half of term
(News Focus) Allies' decision on combined drills intended to back N.K. diplomacy, but feared to hurt readiness
(News Focus) Varied intentions lie behind N.K. nuclear crusade
(News Focus) N.K. leader eyes image as reliable economic leader
(News Focus) End-of-war declaration likely concession for N.K. denuclearization