Hyundai Heavy unit sells semisubmersible rig for US$370 mln
SEOUL, March 13 (Yonhap) -- Hyundai Samho Heavy Industries Co., a mid-sized shipbuilder here, recently sold a semisubmersible rig obtained from a Norwegian shipping firm through a compromise arrangement, for US$370 million, industry sources said Monday.
According to the sources, Hyundai Samho sought arbitration over Seadrill's cancellation of the rig order, and both sides reached a compromise under which the South Korean shipyard will pay back the down payment worth $170 million in return for ownership.
Hyundai Samho recently sold the rig to Seatankers, another Norwegian shipping firm.
Hyundai Samho, an affiliate of major shipbuilder Hyundai Heavy Industries Co., has been struggling with a fall in new orders, but the proceeds from the latest sale could help boost its financial status, the sources said.