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10:18 AM, October 13, 2016
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South Korea To Provide Two Ships, Modernize Brazilian Shipyard For $1 Billion
Arsenal de Marinha do Rio De Janeiro shipyard

South Korean POSCO Daewoo will provide two ships to Brazilian Navy and modernize Arsenal de Marinha do Rio De Janeiro shipyard under a new $1 billion deal.

The vessels to be built are a landing platform dock and a multirole corvette, both of which will be constructed in partnership with domestic shipyards, UPI reported Wednesday.

The arrangement signed in South Korea by company Chief Executive Officer Kim Young-sang, AMRJ shipyard chief Mario Ferreira and Brazilian Ambassador to South Korea Luiz Fernando Serra.

"The latest deal is the outcome of our efforts made through successful technology transfer and business experience in the LPD construction business," said Kim.

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