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Hanwha Ocean clinches $505 mil. frigate project from Thai Navy

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By Yonhap
  • Published KST
Hanwha Ocean's Shipyard in Geoje, South Gyeongsang Province / Korea Times file

Hanwha Ocean's Shipyard in Geoje, South Gyeongsang Province / Korea Times file

Hanwha Ocean has won a 680 billion-won ($505.17 million) contract to build one frigate for the Royal Thai Navy, Thai media reports and industry officials said Tuesday.

The procurement includes value-added tax, other applicable taxes, transport and all expenses, Thai media reported.

The size of the contract could expand to around 4 trillion won should the Korean shipbuilder win follow-up orders, industry officials said.

In 2013, Hanwha Ocean secured a contract to deliver a 3,600-ton frigate to Thailand, successfully completing the project in 2018.