All data are based on the daily closing price as of December 23, 2024

Korea Aerospace Lands First Export Deal for Surion Helicopters

Iraqi military order valued at 135.7 billion won marks turning point after past setbacks
k 047810.KO Mid and Small Cap 2000
Share this on

Korea Aerospace Industries secured its first overseas contract for the Surion utility helicopter, breaking into the competitive military aircraft export market after years of domestic-only sales.

The South Korean manufacturer will supply the helicopters to Iraq’s military under a 135.7 billion won ($104 million) agreement running through March 2029, according to a company statement. The deal represents a victory for KAI after losing a Philippine military contract in 2019 to Sikorsky’s UH-60 Black Hawk.

The Surion, developed since 2006 in partnership with South Korea’s defense agencies, has evolved into multiple variants serving military, police, medical and firefighting roles. About 300 units operate within South Korea.

Iraq’s interest intensified following demonstrations at the 2023 Dubai Airshow and a March visit by Iraqi defense officials to KAI’s facilities, where they conducted test flights of the aircraft.

The contract helps validate South Korea’s push to become a major defense exporter, though KAI faces established competitors like Lockheed Martin’s Sikorsky unit in pursuing additional international sales. The company has been marketing the Surion particularly to military customers in the Middle East and Southeast Asia.

Share this on
Jakota Newsletter

Stay ahead in the JAKOTA stock markets with our roundup of vital insights

Icon scroll to top