Bangkok: Hanwha Ocean Co., a South Korean shipbuilder, has secured a significant 680 billion-won (US$505.17 million) contract to construct one frigate for the Royal Thai Navy, as reported by Thai media and industry officials.
According to Yonhap News Agency, the comprehensive procurement deal includes value-added tax, other applicable taxes, transport, and all related expenses. Industry insiders suggest that the contract's value could escalate to approximately 4 trillion won if Hanwha Ocean succeeds in obtaining additional orders.
Back in 2013, Hanwha Ocean had successfully acquired a contract to deliver a 3,600-ton frigate to Thailand, completing the project in 2018. This latest agreement marks another significant milestone for the shipbuilder in its ongoing relationship with the Royal Thai Navy.