Samsung Heavy Resale Demolition Semi-submersible Drilling Platform

- Feb 01, 2018-

On January 29, Samsung Heavy Industries announced that it has signed an agreement with an anonymous European shipowner to sell the decontaminated semi-submersible drilling rig "Stena MidMAX" for about $ 505 million. The rig is expected to be delivered by the end of this year.


The deal will allow Samsung Heavy Industries to recover 70% of the unspent Stena MidMAX while the other 30% of the money has been paid before the withdrawal. glenflange


The Stena MidMAX was originally booked in 2013 by the Swedish company Stena Drilling at a price of about $ 718 million. The semi-submersible drilling rig, designed in the Moss CS60 design with a dynamic positioning system, operates in harsh environments, initially scheduled for delivery in March 2016 and postponed until March 2016.


Last June, Stena Drilling announced the cancellation of the "Stena MidMax" order. At the time, Stena Drilling said Stena Drilling had decided to terminate the construction contract because Samsung Heavy Industries failed to complete the delivery within the contractual timeframe. In the meantime, Stena Drilling also asked Samsung Heavy to repay the previously paid installments and interest of $ 215.4 million. However, Samsung Heavy Industries said that the "Stena MidMAX" was submitted for arbitration due to delays in shipowner design changes and other factors. At the same time, it began to look for third-party buyers for the rig.glenflange


Last September, there was news that Norway's Aker Group was negotiating with Samsung Heavy Industries to try to acquire "Stena MidMAX" and re-establish itself as a rig owner. In 2011, Aker sold its former subsidiary Aker Drilling to Transocean for $ 2.23 billion and pulled out of the rig's owner's market.