KSOE receives a $495 million order from the Philippines

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KSOE receives a $495 million order from the Philippines

Korea Shipbuilding & Offshore Engineering (KSOE) said Tuesday it received a 583 billion won ($490 million) order to build two patrol frigates for the Philippines.
KSOE is 30.95 percent owned by Hyundai Heavy Industries Group, the world's biggest shipbuilder by orders.
In the deal signed with the Southeast Asian country's defense ministry, KSOE's Hyundai Heavy Industries will build two 3,100-ton patrol frigates for the country by 2025, the company said in a regulatory filing.
KSOE has received 226 orders, including those for three offshore facilities, valued at $22.8 billion so far this year, far exceeding its annual order target of $14.9 billion.
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