Daewoo Engineering & Construction Co., a major South Korean shipbuilder, said Tuesday that it has won a $239.9 million deal to build industrial tank farms in Saudi Arabia.

Under the deal with Sadara Chemical Co., Daewoo E&C will construct chemical storage tanks and other facilities for Saudi Arabia's new tank farms at the Jubail petrochemicals complex on the Persian Gulf coast, the company said in a filing.

Sadara Chemical is a joint venture between Saudi Aramco and Dow Chemical Co. of the United States.

Daewoo E&C said the construction will start from December this year and is expected to be completed in March, 2015. (Yonhap News)