The Wall Street Journal|IN-SOO NAM:� Hyundai Heavy Industries Co. received a $700 million order to build 10 ships for Iran�s state-owned shipping company in a deal that signifies the Middle Eastern country�s return to the international market after a decade.

The deal is part of plans by Islamic Republic of Iran Shipping Lines and Iranian Offshore Oil Co., a subsidiary of state oil company National Iranian Oil Co., to spend a total of up to $2.5 billion to modernize their fleets.

Iranian shipping companies haven�t modernized their fleets since 2006, when the United Nations imposed wide-ranging sanctions against Tehran over its uranium-enrichment program. The sanctions began to be gradually lifted in January.

�This marks Iran�s first ship order since international sanctions were lifted early this year. Hyundai plans to provide technical support for Iran to run its shipyards as well,� the South Korean company said Sunday.

Separately, Hyundai Heavy, the world�s largest shipbuilder by revenue, said it has also signed a $600 million deal to build two ships, including a submarine, for the South Korean government.