Pacific Drilling Axes Drillship Contract at Samsung Heavy
- Business & Finance
Korean shipbuilding company Samsung Heavy Industries (SHI) has been hit with a drillship cancellation by floating-rig drilling contractor Pacific Drilling S.A.
The decision stems from the SHI’s failure to timely deliver ultra-deepwater drillship Pacific Zonda, the company said.
“Pacific Drilling has exercised its right to rescind the construction contract for ultra-deepwater drillship Pacific Zonda due to the failure by SHI to deliver a vessel that substantially meets the criteria required for completion of the vessel in accordance with the construction contract and its specifications,” the company said.
“Pacific Drilling made advance payments totaling approximately $181.1 million under the contract, and will be seeking a refund of the installment payments.”
The Pacific Zonda is an upgraded Dual Load Path Samsung 12,000 design dynamically-positioned Dual Gradient capable drillship able to operate in moderate environments and water depths up to 3,657 m (12,000 ft) using 18¾” BOP and 21” OD marine drilling riser.
Pacific Drilling operates a fleet of seven drillships.