Under the agreement, HHI will work together with SIMA Peru S.A., a shipbuilder affiliated with the Peruvian Navy, to build a 3,400-ton frigate, a 2,200-ton offshore patrol vessel and two 1,400-ton landing ships. They are scheduled to be delivered to the military by 2030.
The project, worth 640.6 billion won ($463 million), marks the largest-ever defense export by a Korean company to South America, according to HHI.
HHI was selected late last month as the preferred bidder for the project, beating competitors from Italy, Spain, and the Netherlands.
"We will provide our advanced technologies and extensive experience to modernize and enhance the combat capabilities of the Peruvian Navy," Joo Won-ho, vice president of HHI, said during the signing ceremony on Tuesday in Lima. Peruvian President Dina Boluarte attended the event.
"Today marks a historic milestone in the development of Peru's shipbuilding industry as we set a new precedent by producing four warships with HHI," Boluarte was quoted as saying. She pledged unwavering support to enhance Peru's naval capabilities.
The frigate will be equipped with active electronically scanned array (AESA) radars, capable of detecting target objects and gathering various information, such as distance and speed to the target area, according to HHI.
The offshore patrol vessel will feature the capability to operate medium-sized helicopters, and the landing ships will be able to accommodate seven large armored vehicles.
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