Korean shipbuilder DSME has announced the failure of a potential deal to build jack-ups for Iran.

The yard said an MOU signed with an Iranian client had expired and no further discussions took place over resurrecting the agreement, according to the Asiasis website.

DMSE signed the MOU in September last year, but did not finalise the contract.

TradeWinds reported last year that Iranian Offshore Oil Co (IOOC) was interested in building five jack-up rigs worth slightly more than $200m each.