Samsung has a buyer for Stena MidMax drilling rig

Samsung Heavy Industries has found a buyer for a semi-submersible drilling rig previously ordered by Stena Drilling. Stena had ordered the Stena MidMAX rig in 2013, however, it canceled the order in 2017

The UK-based driller scrapped the rig order citing Samsung’s inability to complete and deliver the unit within the contractually agreed timeframe. The rig was ordered by Stena in June 2013 with a delivery date in March 2016. The reported value at the time of the order was around $720 million.

Samsung on Monday said it signed a contract to deliver the rig to the new owner for around $500 million. The company did not say who the new client was, only describing it as a “European shipowner.” The rig is expected to be delivered by the end of the year.

As previously reported, while canceling the order, Stena requested a reimbursement of the $215 million pre-delivery installments it had given Samsung for the rig construction.

Samsung, in turn, initiated the arbitration process against Stena, while at the same time pursuing a third party sale for the dynamically positioned harsh-environment semi-submersible drilling rig.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Annual Ghana Summit 2018

The 8th Annual Ghana Summit took place 22 – 23 June 2017 and was a huge success…

read more >

25th Anniversary International Caspian Oil & Gas Conference

In 2018, the largest oil and gas event in the Caspian Region – the Caspian Oil & Gas Exhibition and Conference Incorporating Refining…

read more >

7th Oil and Gas Kenya 2018 Products & Eqpt. Exhibition in Africa

The 07th Oil & Gas Africa – Int’l Trade Exhibition, 29 – 31 May, 2018, is a hub for key players in the oil and gas…

read more >

FPSO Brazil Congress 2018

This is the first and only conference dedicated to the entire lifecycle of the Brazilian FPSO industry…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply