Article Posted on : - Nov 18, 2010

SEOUL (BNS): A South Korean shipbuilding company has put forward its proposal in response to Brazil’s bid to build 11 warships for its Navy.

The Daewoo Shipbuilding and Marine Engineering has recently submitted a preliminary proposal for the contract worth as much as 4 trillion won (US$3.5 billion), South Korea’s official Yonhap news agency reported Thursday quoting a Government official.

Brazil plans to build the new warships to protect the recently found huge offshore oil deposits. The project, to be inked as a government-to-government deal, will also include technology transfer clause.

A number of other countries, including France, Italy and Britain, have also expressed interest to build the warships.