An experimental study of steam condensation on a subcooled thick water layer (0.018 ~0.032 m) in a countercurrent stratified flow has been performed using a nearly horizontal circular pipe. A total of 103 average interfacial condensation heat transfer coefficients were obtained and parametric effects of steam and water flow rates and the degree of subcooling on condensation heat transfer were examined. The measured local temperature and velocity distributions in the thick water layer revealed that there was a thermal stratification due to the lack of full turbulent thermal mixing in the lower region of the water layer Two empirical Nusselt number correlations, one in terms of average steam and water Reynolds numbers, and the water Prandtl number, and the other in terms of the Jakob number in place of the Prandtl number, which agree with most of the data within $pm$ 25%, were developed based on the bulk flow properties. Comparisons of the present data with existing correlations showed that the present data were significantly lower than the values predicted by existing correlations.