Hyundai Heavy Industries has bagged a 634 billion won ($563 million) order to build two frigates.
Under the deal with South Korea's Defense Acquisition Program Administration, Hyundai Heavy will deliver the two 2,800-ton ships by 2023 to the country's Navy, Hyundai Heavy Industries said in a statement Thursday.
The ship, 122 meters long and 14 meters wide, will have a maximum speed of 30 knots. The ships will carry a naval gun, various missiles and host of weapons control systems, Hyundai Heavy said.
The ships will also adopt a hybrid electric drive propulsion system designed to reduce noise for more effective anti-submarine operations, the shipyard said.
With the order, Hyundai Heavy has clinched deals valued at a combined $13.3 billion so far this year to build 153 ships in total, surpassing this year's shipbuilding order target of $13.2 billion.