Samsung Heavy Industries sells cancelled semi-submersible rig

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 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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