Daewoo Shipbuilding & Marine Engineering Co. said Sunday it has bagged a combined 700 billion won ($590 million) in potential orders from a Greek shipping company.

Under the agreement with Maran Tankers Management -- a unit of Greece's largest shipper, Angelicoussis Shipping Group -- the troubled South Korean shipbuilder will provide a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship.

Details of the deal were not revealed, but the LNG-FSRU is priced at the upper 200 billion-won range, industry sources said.

The latest deal also includes the option of building two LNG tankers with an additional order possible for next year. The total could hit some 700 billion won, insiders predicted.

"I greatly thank Angelicoussis Shipping Group for placing the order and showing trust for Daewoo Shipbuilding," Daewoo chief Jung Sung-leep said.

He added that every effort will be made to turn around his financially troubled company.

The latest deal will raise the number of ships delivered or to be handed over by the South Korean shipbuilder to the Greek company and its affiliates to 89 since their first two-way deal was reached in 1994. (Yonhap)