Smooth sailing lies ahead for Daewoo Shipbuilding

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Smooth sailing lies ahead for Daewoo Shipbuilding

The troubled shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) won a project to tune up the Korean attack submarine Chang Bogo KSS-1, owned by the Defense Acquisition Program Administration, the defense equipment supplier for the nation’s military service, according to the shipbuilder on Tuesday.

The project is worth roughly 45.9 billion won ($39 million). The major job of DSME will be to give maintenance service for the 16-year-old submarine originally built by the shipbuilder in 2000. The refined underwater ship will be delivered to the Korean marine by 2018. The shipbuilder has mid and long-term business goals to ramp up its defense business division, the company said in a statement.

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