Ocean Rig cancels drillship at Samsung Heavy Industries

Ocean Rig cancels drillship at Samsung Heavy Industries

South Korean shipbuilder Samsung Heavy Industries has announced that offshore drilling contractor Ocean Rig has cancelled a $702m drillship contract at the shipyard.

According to Samsung Heavy, it has not started the construction of the ship and it will not return an initial upfront payment of $76.6m to Ocean Rig, which filed for bankruptcy protection in March 2017 and emerged from it in September 2017.

Led by Greek tycoon George Economou, Ocean Rig currently operates a fleet of nine drillships and two semi-submerisibe drilling rigs. It also has another three drillships Ocean Rig Santorini, Ocean Rig Crete and Ocean Rig Amorgos under construction at Samsung Heavy Industries.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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