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Wednesday, December 21, 2011

Daewoo wins submarine contract for Indonesian navy

Son Won IlDaewoo Shipbuilding and Marine Engineering signed a contract to build three submarines for the Indonesian navy on Tuesday.

The contract calls for DSME to build three 1,400-ton submarines for the Indonesian navy for a total of $1.1 billion, making the contract the largest single defense contract to be awarded to a Korean firm.

With the addition of the latest contract, the value of Korea’s defense exports so far this year has been pushed up to $2.4 billion, the Defense Acquisition Program Administration said. This year’s defense export figure is more than double that recorded last year.

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