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THE INVESTOR

Industrials

HHI unit sells semisubmersible rig for US$370m

  • PUBLISHED :March 13, 2017 - 17:24
  • UPDATED :March 13, 2017 - 17:24
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[THE INVESTOR] Hyundai Samho Heavy Industries recently sold a semisubmersible rig obtained from a Norwegian shipping firm for US$370 million, industry sources said on March 13.

According to the sources, the subsidiary of Hyundai Heavy Industries sought arbitration over Seadrill’s cancellation of the rig order, and both sides reached a compromise under which the South Korean shipyard will pay back the down payment worth $170 million in return for ownership. Hyundai Samho also recently sold the rig to Seatankers, another Norwegian shipping firm.

Hyundai Samho has been struggling with a fall in new orders, but the proceeds from the latest sale could help boost its financial status, the sources said.

By Alex Lee and newswires (alexlee@heraldcorp.com)
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