Greek shipping magnate George Economou’s rig company has just paid $65m at auction for a drillship that cost $680m to build in 2011.
However, despite the distressed price, it is far from certain whether the purchase will end up being a boon or a burden for the buyer, US-listed Ocean Rig.
At the same time, the implication for the overall downward pressure on asset values is a huge concern for rigs, offshore support vessels (OSVs) and their lenders (see story, right).
Ocean
