Daewoo Shipbuilding CEO: $1.2B order for Indonesian submarines likely

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August 29, 2011

DSMESEOUL (Dow Jones)–Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) expects Indonesia to name the company as the preferred bidder for the country’s submarine building contract in September, Daewoo Shipbuilding’s chief executive said Monday.

“We expect the deal will be signed within this year once the Indonesian government earmarks the budget for the (three) submarines,” Chief Executive Nam Sang-tae said at a press briefing.

The three submarines are valued at $1.2 billion, analysts said.

He also said the company is on track to post more than KRW1 trillion in operating profit for 2011.

-By Kyong-Ae Choi, Dow Jones Newswires

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