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.

Source: Yonhap News Agency