Daewoo Shipbuilding and Marine Engineering, a leading ship builder in Korea, submitted a proposal for a $4 trillion warship procurement contract in Brazil, a military source said Thursday.

Brazil, which is seeking to beef up its maritime defense of offshore oil deposits, plans to purchase 11 naval ships ― five destroyers, five frigates and a support ship ― the source said.

“The Brazilian navy has been considering purchasing 11 warships in the form of a government-to-government project since June,” the source said. “Specific details for the bid have yet to be publicized.”

The project will take shape after the new Brazilian government is inaugurated in January, he added.

Brazilian President Luiz Inacio Lula da Silva is set to leave office at the end of this year and President-elect Dilma Rousseff is scheduled to take office on Jan. 1.

Italy, France and some European nations are expected to make rival bids for the Brazilian contract, according to the source.

The 4,500-ton KDX-II destroyer would be a favorite for the Brazilian warship project. Korea’s Navy has six KDX-II destroyers one of which is operating in waters off Somalia on an anti-piracy mission.

The KDX-II is equipped with Harpoon ship-to-surface missiles, RAM Mk 31 ship-to-air guided missiles, a 30mm Goalkeeper system for engaging sea-skimming anti-ship missiles and several torpedoes.

The 150-meter-long, 17-meter-wide ship is able to sail at a top speed of 29 knots and carries two Lynx anti-submarine helicopters.