Hanwha Ocean (KRX:042660) was selected as the preferred bidder for South Korea's KDDX next-generation destroyer program, valued at about 7.8 trillion won, The Korea Times reported, citing the Defense Acquisition Program Administration and industry sources.
The KDDX program reportedly aims to deploy six 6,000-ton destroyers equipped with the Aegis combat system by 2030, replacing aging naval vessels scheduled for retirement later this decade.
The Defense Acquisition Program Administration completed its evaluation of proposals for the detailed design and construction of the lead vessel and notified Hanwha Ocean and HD Hyundai Heavy Industries of the results on Thursday, the report said.
Hanwha Ocean said the selection reflected its naval shipbuilding and project execution capabilities and pledged to work with the agency to advance the delayed program and support South Korea's naval modernization efforts, it added.
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