Daewoo Shipbuilding Receives US$577 million S Korean Navy Order for 2 Frigates

Daewoo Shipbuilding & Marine Engineering has clinched a 631.5 billion won (US$577 million) deal to build two guided missile frigates for the South Korean Navy.

The 2,800-ton frigates are expected to be delivered 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, a Daewoo Shipbuilding release said.

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.