Stena Drilling has become the latest company to cancel a sophisticated drilling rig under construction in South Korea.
The Swedish shipowner said it has “exercised its right” for a semi-submersible newbuilding at Samsung Heavy Industries.
Stena Drilling said the DP-rated harsh environment unit was ordered in June 2013 with a delivery date of March 2016.
“SHI has, however, been unable to complete and deliver the unit within the contractually agreed timeframe,” Stena Drilling said in a statement
Under the contract terms, Stena says it is entitled to reimbursement of $215.4m
