SEOUL -- Daewoo Shipbuilding & Marine Engineering delivered a submarine to Indonesia's defense ministry, the company said Wednesday, the first sub export by a South Korean business.

The handover of the 1,400-ton diesel vessel marked a success in commercializing a new model based on German technology. South Korea becomes the fifth country to export submarines after Germany, the U.K., France and Russia, the shipbuilder said.

Indonesia's defense minister was among the officials invited to a Wednesday launch ceremony at the company's Okpo shipyard in southern South Korea. The sub, developed for export, stretches 61 meters from bow to stern and boasts eight launch tubes and cutting-edge weapons systems. The vessel can travel 18,520km without making port -- the equivalent of a round trip between South Korea and Los Angeles.

South Korea's defense industry exports totaled roughly $2.5 billion in 2016 after declining since 2014's $3.6 billion peak, and the sub's handover was a long-awaited bright spot. Daewoo undertook a roughly $1.1 billion contract in 2011 to provide Indonesia with three submarines. One of the remaining two is under construction, and Daewoo plans to build the third in Indonesia after providing technological support to companies there.

Aside from subs, Daewoo's defense operations include building warships equipped with the Aegis Combat System, and the company has received orders from the U.K.'s defense ministry for aircraft carrier support ships. CEO Jung Sung-leep said Wednesday that he hoped to raise Daewoo's technological competitive power and contribute to strengthening South Korea's naval forces.