Daewoo wins $60m order from RI

Daewoo wins $60m order from RI

SEOUL: South Korea's Daewoo International Corp. said on Friday it had secured jointly secured with affiliate Daewoo Shipbuilding and Marine Engineering a US$60 million order to rebuild a submarine for Indonesia.

Daewoo is to deliver the submarine to Indonesia's defense ministry by 2006 after upgrading its parts.

The company said it expected the deal, the first of its kind for Daewoo Shipbuilding, to help get "better positioned for Indonesian Navy's submarine procurement projects" in the future. -- AFP