Daewoo Shipbuilding & Marine Engineering is expected to win a number of orders for its Suezmax tankers that could total more than $1bn.

The company is in talks with Angola’s parastatal oil firm Sonangol Group to construct five Suezmax tankers at a cost of nearly $60m each, according to asiais.com.

In addition, Daewoo could also sign an agreement with Almi Tankers in Greece to build another five Suezmax tankers.

In October, Daewoo won a $460m order for four 400,000dwt very large ore carriers from Brazilian miner Vale.

The shipbuilder has so far secured new orders for 11 ships worth $1.25bn this year.