Hanwha Ocean picked as preferred bidder for W7.8tr Navy destroyer project

Hanwha Ocean Co. said Thursday it has been selected as the preferred bidder for South Korea's next-generation Navy destroyer project worth 7.8 trillion won ($5.1 billion).

In a regulatory filing, Hanwha Ocean said the state-run Defense Acquisition Program Administration notified the company of the selection on Wednesday.

Hanwha Ocean beat rival HD Hyundai Heavy Industries Co. to lead the Korea Destroyer Next Generation program, which aims to build six next-generation destroyers using domesticall ...