Thai Navy selects South Korea's Hanwha Ocean for $508M frigate contract

The Royal Thai Navy has selected South Korea’s Hanwha Ocean Co. Ltd. to build a frigate under a 16.73 billion baht ($508 million) defense procurement project, state media reported Wednesday.

The deal will include related systems, equipment, spare parts, training and support services, said Thai PBS World.

Admiral Korawit Chayarathi, commander of the Royal Thai Fleet and chairman of the frigate procurement project committee, announced Hanwha Ocean as the successful bidder at a ceremony.
The company offered a total price of THB16.73 billion, excluding customs duties but including value-added tax, other taxes, transportation and all other costs.

Hanwha Ocean is a prominent South Korean shipbuilding and marine engineering company.

Thai Navy spokesman Rear Admiral Parat Rattanachaiphan said Prime Minister Anutin Charnvirakul had signed off on the summary of the selection results last week.

The Navy will officially announce the selection result on Sept 18, after the appeal period expires.