Indonesia Orders Submarines from DSME
DSME won a new order for three submarines from Indonesia. This contract is the single biggest arms sales deal by a Korean firm and the value of the contract is approximately 1.1 billion dollars with the submarines scheduled to be delivered in the first half of the year of 2018. This contract is comprised of three 1,400 ton class diesel-powered submarines with each one measuring 61.3m from stern to bow with the ability to carry 40 crew. These submarines will be fully armed with eight weapon tubes able to discharge all kinds of torpedos, mines, and guided missiles.
Composite Tech Sells Turbine Business to DSME
Composite Technology Corporation (CTC) (OTCBB: CPTC) announced that it has reached agreement to sell substantially all of the operating assets and operating liabilities of DeWind Inc., including its subsidiaries and certain assets of DeWind Ltd. to Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) of Korea. Under the terms of the asset purchase agreements, the sale price is approximately $46,500,000 for substantially all of the operating assets and operating liabilities of DeWind Inc., and approximately $3,000,000 for certain assets of DeWind Ltd., subject to certain possible post-closing adjustments. The transactions are subject to customary closing conditions and are expected to close within the next 30 days.
