Daewoo Shipbuilding & Marine Engineering won a $1.56 billion order to build two 3,000-ton KSS-III submarines from the nation’s Defense Acquisition Program Administration.

The submarines will be built based on DSME’s own technology and be delivered to the Korean Navy by the end of 2022, the company said in a statement.

DSME started building submarines in 1987 through technology transferred from Germany and has strengthened its market leadership, with a total production of 17 submarines. Three of them are 1,400-ton class submarines for the Indonesian government.

With the Navy order, the company has clinched orders worth $14.3 billion this year, exceeding its annual goal of $11 billion.

(jyseo@heraldcorp.com)