Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it has won a 444 billion-won ($397 million) deal to build a submarine rescue vessel.
Under the deal with the country's Defense Acquisition Program Administration, Daewoo Shipbuilding will deliver the vessel by the end of 2022.
It will be equipped with a deep-submergence rescue vehicle, which can operate at depths of up to 500 meters.
The ship is designed to rescue sailors trapped in submarines, provide naval operation support for submarines, perform underwater research and mapping support and recover sunk vessels.
DAPA launched the project, called ASR-II, 2015 in partnership with Daewoo Shipbuilding.
With the latest order, Daewoo Shipbuilding has secured deals valued at a combined $6.04 billion so far this year to build a total of 42 ships, meeting 83 percent of its annual order target of $7.3 billion.