[Exclusive] Thailand Navy Chooses Hanwha Ocean for $510 Million Frigate, Total Contract May Reach $3 Billion with Follow-up Orders

One 4,000-Ton Next-Generation Frigate
Total Value Could Reach Up to 4 Trillion Won with Future Orders

Thailand has selected Hanwha Ocean as the provider for its next-generation frigate project. The Royal Thai Navy is currently pursuing a program to acquire a 4,000-ton class frigate. While the scale of the contract for a single next-generation frigate is about 16.7 billion baht (approximately 680 billion won), including potential follow-up orders, the total value could reach up to 4 trillion won.

On September 8, the Royal Thai Navy announced through a public notice that it has selected the export variant 4,000-ton class frigate 'OCEAN-40F' proposed by Hanwha Ocean for the next-generation frigate project. Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, had previously delivered the 3,700-ton "Bhumibol Adulyadej-class destroyer" (Bhumibol ship) to the Royal Thai Navy in 2018. The OCEAN-40F is an advanced model based on the Bhumibol ship.

This project represents more than just the order of a single frigate. As Thailand pushes for naval force modernization, there is a possibility of additional frigate orders in the future. The bidding process saw participation from Korean companies including Hanwha Ocean and HD Hyundai Heavy Industries, as well as global shipbuilders from Singapore, Spain, and Turkiye. Hanwha Ocean and HD Hyundai Heavy Industries have each emphasized their competitive edge with prior delivery experience and localization strategies, respectively. While HD Hyundai Heavy Industries highlighted 'localization' as its key strategy, it has once again failed to secure the export. HD Hyundai Heavy Industries was reported to have proposed a local production share of approximately 40 percent.

At one point, Hanwha Ocean was seen as the frontrunner in the bidding process, based on its operational experience with existing vessels and its cooperative relationship with the Royal Thai Navy. However, engine damage issues on the Bhumibol ship emerged as a variable. Nevertheless, the Royal Thai Navy has since clarified that the issue was not related to Hanwha Ocean's vessel design or construction, effectively resolving concerns.

An industry official stated, "Winning the Thai frigate contract will serve as an opportunity to enhance the competitiveness and credibility of Korean warships in the Southeast Asian market," adding, "It could also positively influence future exports to neighboring countries."

This content was produced with the assistance of AI translation services.