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.
