December 2, 2013 / 4:06 PM / 4 years ago

UPDATE 1-ThyssenKrupp wins submarine order from Singapore

* Combat system to be developed by ST Electronics, Atlas

* Industry source sees contract value above 1 bln euros (Adds further detail, source on order value)

DUESSELDORF/FRANKFURT, Dec 2 (Reuters) - Germany’s ThyssenKrupp said on Monday it had won an order from Singapore for two customised submarines to be built at its Marine Systems unit in the northern German city of Kiel.

An industry source said the contract was likely to be worth more than 1 billion euros ($1.36 billion).

ThyssenKrupp said Singapore Technologies Electronics, a unit of defence conglomerate Singapore Technologies Engineering Ltd , would co-develop the submarines’ tailor-made combat system with Atlas Elektronik GmbH, a joint venture of ThyssenKrupp and European aerospace group EADS.

ThyssenKrupp’s Marine Systems business makes non-nuclear submarines and high-end naval vessels. The company said in its annual financial report published last week that it saw a number of promising naval shipbuilding projects around the world, particularly in the Asia-Pacific region.

Earlier on Monday, the company confirmed a report that delivery of the first of four new ships ordered by the German Navy would be delayed due to problems with a flame-retardant coating. ($1 = 0.7345 euros) (Reporting by Tom Kaeckenhoff and Maria Sheahan; editing by Tom Pfeiffer)

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