Brazilian Navy has signed a $1 billion contract with the South Korean Posco Daewoo Corp. for the delivery of two naval vessels and modernization of a shipyard.
Under the contract, South Korea’s top steelmaker will build one patrol boat and one landing platform dock (LPD) for the South American state’s navy.
Additionally, Posco Daewoo will modernize the Brazilian Arsenal de Marinha do Rio de Janeiro shipyard.
Posco Daewoo also cooperates with the Indonesian state-owned shipbuilder PT PAL with which it signed a $150 million deal earlier in the year for delivery of different ship parts.
The Brazilian Navy has one landing platform dock which it purchased from the French Navy in 2015.