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Hyundai Samho Heavy finds a buyer for abandoned oil rig

South Korea’s Hyundai Samho Heavy Industries Co. removed elephantine facility from its dock after it found a new buyer for a semi-submersible drilling rig abandoned by its original contractor.

Hyundai Samho Heavy South Korea’s Hyundai Samho Heavy Industries Co. removed elephantine facility from its dock after it found a new buyer for a semi-submersible drilling rig abandoned by its original contractor. 

The Yeongnam-based shipyard unit of Hyundai Heavy Industries has sought arbitration from a U.K court after Seadrill refused to assume its order for the oil drilling unit in 2015. The two companies reached a settlement under which Hyundai Samho Heavy gained ownership over the facility by returning $170 million advance payment to Seadrill. 

The shipbuilder has recently inked a deal with Norway-based Sea Tanker to sell the rig for $370 million. The deal will significantly help Hyundai Samho’s net income as the company had already reflected the loss in 2015 statement.

The Original Posted By Moon Ji-woong/Maeil Business News Korea

MACNET Korea