Hanwha Ocean Co., a South Korean shipbuilder, has won a 680 billion-won ($505.17 million) contract to build one frigate for the Royal Thai Navy, Thai media reports and industry officials said Tuesday.
The procurement includes value-added tax, other applicable taxes, transport and all expenses, Thai media reported.
The size of the contract could expand to around 4 trillion won should the South Korean shipbuilder win follow-up orders, industry officials said.
In 2013, Hanwha Ocean secured a contract to deliver a 3,600-ton frigate to Thailand, successfully completing the project in 2018.
