In another hammer blow to a Korean mega yard Pacific Drilling has torn up the contract for the ultra-deepwater drillship Pacific Zonda, citing Samsung Heavy Industries’ (SHI) failure to timely deliver the vessel.
Pacific Drilling made advance payments totalling approximately $181.1m under the contract, and will be seeking a refund of the installment payments. In July, Pacific Drilling postponed delivery of the drillship from the third quarter to the final quarter of this year.
Korea’s big three yards, SHI, Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering have been rocked by many offshore cancellations in the past 12 months that has plunged the shipbuilders into the red.
