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Korea Shipbuilding wins W583b frigate order from Philippines

KDX-III, a 7,600-ton Aegis warship manufactured by Daewoo Shipbuilding & Marine Engineering that was delivered to the Navy in 2010 (DSME)
KDX-III, a 7,600-ton Aegis warship manufactured by Daewoo Shipbuilding & Marine Engineering that was delivered to the Navy in 2010 (DSME)
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday it has received a 583 billion won ($490 million) order to build two patrol frigates for the Philippines.

KSOE is the shipbuilding subholding company of Hyundai Heavy Industries Group, the world's biggest shipbuilder by orders.

Under the deal signed with the Southeast Asian country's defense ministry, KSOE's main affiliate Hyundai Heavy Industries Co. will build two 3,100-ton patrol frigates for the country by 2025, the company said in a regulatory filing.

KSOE has bagged 226 ships, including three offshore facilities, valued at $22.8 billion so far this year, far exceeding its annual order target of $14.9 billion. (Yonhap)

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