Daewoo Shipbuilding to deliver two drillships to Sonangol in early 2019

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has confirmed the resolution of its dispute with Angola’s Sonangol related to the delivery of two drillships. 

To remind, Back in 2013 Daewoo secured an order from Sonangol to build two drillships and scheduled the delivery for 2016. However, the Angolan state-owned oil company balked at full payment as its financial situation worsened amid a fall in global oil prices and the drillship were never delivered.

The two companies have now managed to resolve their differences and, as reported on Wednesday, DSME has made plans to deliver the two drillships to Sonangol early next year, ending a longstanding dispute over a delay in the delivery.

In a notice on Wednesday, DSME informed that the drillships would leave its Okpo shipyard. The first drillship will leave by the end of January and the second one by the end of March next year. The shipyard also said that final commitments were approximately $530 million, including advances, which was well above current market prices.

DSME also agreed with Sonangol to complete the design and to conclude the quality assurance obligation at the same time as delivery.

Offshore Energy Today Staff