Daewoo Shipbuilding earns 410 bln won by selling drill ship

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Daewoo Shipbuilding & Marine Engineering Co., a major shipbuilder here, said Thursday that it has secured 410 billion won (US$353 million) by selling a drill ship that had been held as inventory.

The shipyard said it has agreed with Northern Drilling to sell the drill ship, which was built under a 2013 deal with an American customer. The contract was terminated in 2015 due to a financial problem at the buyer.

A drill ship is a vessel with a drilling apparatus and is used for exploratory offshore drilling for new oil and gas wells in deep waters.

In March, Daewoo Shipbuilding also delivered one of two drill ships to the Angolan state oil company Sonangol, after resolving a yearslong dispute over a delay in delivery.

Daewoo Shipbuilding said it has come to an agreement with Sonangol on the delivery of the two ships this year for 900 billion won.

With the delivery of the first drill ship, Daewoo Shipbuilding secured 560 billion won.

Source: Yonhap

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