Hanwha Ocean selected preferred bidder for Thai frigate project

Korean shipbuilder Hanwha Ocean Co. said Wednesday it has been selected as the preferred bidder for a frigate project for the Royal Thai Navy. The project calls for the construction of a 4,000-ton-class frigate, along with related equipment and comprehensive maintenance and logistics support. The Royal Thai Navy set the project value at 16.73 billion baht ($509 million) in its bid notice. Hanwha Ocean said in a regulatory filing that it will hold detailed negotiations with the Royal Thai Navy to finalize the contract terms. The selection builds on Hanwha Ocean's previous track record in the Southeast Asian nation. In 2013, the company, then known as Daewoo Shipbuilding & Marine Engineering Co., won an order to build a 3,600-ton-class frigate for the Royal Thai Navy and delivered it in 2018. The latest deal could also pave the way for additional orders as Thailand seeks to modernize its naval arm.