Daewoo to sign $1.1 bln submarine deal with Indonesia by November

: Posted On Tuesday, 11 October 2011 10:13

World Navy Force News - South Korea/Indonesia

Daewoo to sign $1.1 bln submarine deal with Indonesia by November

Daewoo Shipbuilding & Engineering said on Monday that it aimed to seal a $1.1 billion agreement with the Indonesian government by November to build three submarines.
The South Korean shipbuilder said in a statement that this would mark the first exports of submarines from the country.
"We have launched talks to sign a submarine contract with Indonesia's defense ministry and marine," Daewoo said in a statement.

Republic of Korea Submarine Chang Bogo - SSK 61.
The 3 submarines for Indonesia will be a custom version of this Type 209 class
(picture: US Navy)

According to Korea's Daewoo Shipbuilding and Marine Engineering on Monday, the shipbuilder will sign a 1.1 billion dollar contract with Indonesia next month to build submarines, marking the company's first export order for submarines and the country's largest single overseas defense contract.

Under the contract, DSME, the world's third-largest and Korea's second-largest shipbuilder will build three 1,400 ton submarines for the Indonesian Navy.

The Korean shipbuilder said the company and Indonesia's defense ministry will coordinate details and conclude the deal by November.

DSME had been bidding for the contract against competitors from France, Russia, and Germany since June this year.