Hanwha Ocean Company, one of South Korea’s biggest shipbuilders, secured an almost $260 million contract to build an LNG tanker, the organization’s first deal since it rebranded from Daewoo Shipbuilding & Marine Engineering (DSME). The arrangement is worth 332.2 billion won ($259.9 million).

Hanwha won the contract from an undisclosed client based in Asia and will deliver the LNG tanker to the customer during the first half of 2027, according to Aju Korea Daily.

Hanwha Ocean has won nine total contracts through the first seven months of 2023, including four special-purpose ships and five LNG carriers. The deals the company has won this year equate to roughly $1.47 billion, which is 21% of the organization’s estimated annual sales for 2023.

In April, the global manufacturing conglomerate Hanwha Group was given permission by the South Korean Fair-Trade Commission to proceed with its acquisition of DSME for approximately $1.5 billion of stock. DSME was later rebranded to Hanwha Ocean Co., Ltd. on May 24, 2023 following the acquisition.

“Leveraging Hanwha Ocean’s foundational culture of pursuing technological excellence, we aim to become a globally competitive company that delivers steady growth with a focus on sustainable and eco-friendly technology,” said Hanwha Ocean CEO Hyek Woong Kwon, in a statement.