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An artist's rendering of the next-generation frigate sailing, proposed by Hanwha Ocean to the Royal Thai Navy. / Hanwha Ocean

Hanwha Ocean has been selected as the preferred bidder for the Royal Thai Navy's next-generation frigate procurement project. Building on this selection, the company plans to solidify its long-term naval defense cooperation with Thailand.

In a regulatory filing on the 9th, Hanwha Ocean announced that it was chosen for the project to construct one frigate and provide integrated logistics support for the Royal Thai Navy. The contract is valued at 683.3 billion won, representing 5.3% of its consolidated revenue of 12.7835 trillion won at the end of 2025.

The contract value was converted into Korean won using the base exchange rate of 40.84 won per Thai baht, as announced by the Seoul Money Brokerage Services on the 8th.

Selecting a preferred bidder is a preliminary step to finalize specific terms, including detailed technical specifications and the project scope, prior to signing the final contract. Hanwha Ocean plans to engage in detailed negotiations with the Royal Thai Navy moving forward, with the final contract terms to be confirmed based on the outcome of these talks.

During the upcoming negotiations, Hanwha Ocean aims to closely coordinate terms that ensure stable project execution and deliver a naval vessel that satisfies both parties, thereby securing optimal contract terms that maximize its warship construction competitiveness and operational efficiency.

Earlier, global defense contractors from countries including Spain, Singapore, and Türkiye competed in the bidding process. Hanwha Ocean was selected as the preferred bidder based on its proven naval shipbuilding technology and its successful track record of delivering the first frigate, HTMS Bhumibol Adulyadej, to the Royal Thai Navy in 2018.

A Hanwha Ocean official stated, "Active support from the government and military—including the Ministry of National Defense, the Defense Acquisition Program Administration, and the Republic of Korea Navy—also bolstered this selection process," adding, "Trust built through continuous defense exchanges, including bilateral naval dialogues, port calls by the ROK Navy Cruise Training Task Group to Thailand, and participation in the joint Cobra Gold exercises, served as the bedrock for moving this project forward."

                                                                                                         Kim So-young