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Thailand Taps South Korea's Hanwha Ocean for USD508M Frigate Deal
(MENAFN) South Korean shipbuilder Hanwha Ocean Co. Ltd. has won a contract to build a frigate for the Royal Thai Navy, part of a defense procurement package worth 16.73 billion baht ($508 million), Thailand's state media reported Wednesday.
Beyond the vessel itself, the agreement covers associated systems, equipment, spare parts, training, and ongoing support services, according to media.
The winning bid was announced at a formal ceremony by Admiral Korawit Chayarathi, commander of the Royal Thai Fleet and chair of the committee overseeing the frigate procurement project. Hanwha Ocean's offer totaled THB16.73 billion — a figure that excludes customs duties but folds in value-added tax, other applicable taxes, transportation, and all remaining costs.
Hanwha Ocean is one of South Korea's leading names in shipbuilding and marine engineering.
Navy spokesman Rear Admiral Parat Rattanachaiphan said Prime Minister Anutin Charnvirakul had approved the summary of the selection results the previous week.
A formal announcement of the outcome is expected from the Navy on Sept. 18, once the appeal window closes.
Beyond the vessel itself, the agreement covers associated systems, equipment, spare parts, training, and ongoing support services, according to media.
The winning bid was announced at a formal ceremony by Admiral Korawit Chayarathi, commander of the Royal Thai Fleet and chair of the committee overseeing the frigate procurement project. Hanwha Ocean's offer totaled THB16.73 billion — a figure that excludes customs duties but folds in value-added tax, other applicable taxes, transportation, and all remaining costs.
Hanwha Ocean is one of South Korea's leading names in shipbuilding and marine engineering.
Navy spokesman Rear Admiral Parat Rattanachaiphan said Prime Minister Anutin Charnvirakul had approved the summary of the selection results the previous week.
A formal announcement of the outcome is expected from the Navy on Sept. 18, once the appeal window closes.
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