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>

<< Feb 2018 >>
MTWTFSS
29 30 31 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 1 2 3 4

Arabia 2018 Conference and Exhibition

Offshore Arabia is a focused prestigious meeting place of the Offshore Industry, and it’s diverse spectrum from the Oil & Gas…

read more >

International Petroleum (IP) Week 2018

International Petroleum (IP) Week, hosted by the Energy Institute (EI) is a renowned and highly respected event where leaders from the global…

read more >

FPSO Europe Congress 2018

The FPSO Europe Congress 2018 builds on these themes, lending a particular focus to FPSO Value Preservation and Operational Excellence…

read more >

Offshore Pipeline Technology

Join 200+ key offshore pipeline professionals to exchange ideas, innovation and technology development to help…

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