Samsung Heavy Industries sells cancelled semi-submersible rig

South Korean shipyard Samsung Heavy Industries has announced a deal in which it has agreed to sell a semi-submersible drilling rig to an unidentified European company for $500m.

The rig was originally ordered by Swedish company Stena Drilling, which claimed the shipyard failed to fulfill the contract and cancelled the order last year. Samsung and Stena Drilling had been in negotiations to solve the dispute.

According to Samsung Heavy, it received $215m in advance payment for the project but Stena’s frequent changes in the rig’s design and excessive demands delayed the project.

Samsung said the latest deal has resolved the risk of non-payment.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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