Daewoo Shipbuilding nears submarine-export deal with Indonesia

Daewoo Shipbuilding & Marine Engineering Co. said Monday that it has kicked off exclusive negotiations with the Indonesian government to clinch a 1.2 trillion won (US$1 billion) order to export three submarines. The world's No. 2 shipyard said it is seeking to complete a deal with the Indonesian defense ministry by November to build three 1,400-ton grade submarines. In July, Daewoo Shipbuilding and Marine Engineering was picked among financial candidates, including a French company, to export submarines to Jakarta. Daewoo Shipbuilding said it is also in talks with several Central and South American countries and Southeastern Asian nations to build submarines.