South Korea’s only drilling rig up for sale

South Korea’s only drilling rig up for sale

Korea National Oil Corp (KNOC) has put its semi-submersible rig Doo Sang up for sale, citing the rising repair and maintenance costs for the 33-year-old rig.

State-run KNOC reckons it can get around $3.5m from the sale of what is South Korea’s only oil drilling rig. The rig was built at Daewoo Shipbuilding & Marine Engineering (DSME) in 1984, and as well as Korea it has carried out projects in Alaska, China, Vietnam, Malaysia, Indonesia, and Russia.

KNOC is under pressure to reduce its debt ratio which has rocketed this decade.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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