POSCO Daewoo inks $1 bln MOM with Brazil's navy: Yonhap

By Park Sae-jin Posted : September 29, 2016, 16:57 Updated : September 30, 2016, 11:03

[Aju News DB]

POSCO Daewoo Co., a unit of the country's top steelmaker POSCO, said Thursday that it has signed a minute of meeting with the Brazilian navy to provide a landing platform dock (LPD) and patrol frigate, and modernize a shipyard run by the South American country.

Under the deal valued at some US$1 billion, POSCO Daewoo, formerly Daewoo International, will also provide ship design technology and shipbuilding materials, the company said. An LDP is a mid-sized ship used as a transport dock, landing ship and other facilities.

Earlier this year, POSCO Daewoo also has signed a $150 million contract with PT PAL, Indonesia's state-run shipbuilder, to supply engines and other parts for patrol boats and other naval vessels. In 2003, the company also inked a deal with PT PAL to supply engines and other parts for two LPD.

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