Bangkok: The Royal Thai Navy has officially announced that Hanwha Co., Ltd. has been awarded the contract to build one frigate, following a successful bid of 16.73 billion baht.

According to Thai News Agency, the announcement was made by Admiral Korawit Chayarathee, Commander of the Royal Thai Fleet and Chairman of the Frigate Procurement Project Management Committee. The contract will see Hanwha Ocean Co., Ltd. undertake the procurement of a frigate, complete with systems and equipment, spare parts, tools, documentation, support services, testing, fuel, lubricants, training, acceptance testing, warranty, and related ceremonies.

The total cost of 16,730 million baht excludes customs duties but includes value added tax, other taxes and duties, transportation, and all other expenses. The price is set as a firm and fixed price according to the DAP terms under INCOTERMS 2020. This includes transportation and insurance until the project is delivered to the Sattahip Naval Base in Sattahip Subdistrict, Sattahip District, Chonburi Province, or any location designated by the Royal Thai Navy.