STX Shipbuilding reports today they have lost a KRW 742.9 billion order for a newbuild drillship.
Although not specifically mentioned in the exchange filing, it’s likely the other party to the contract is Vantage Drilling (NYSE: VTG) which placed an order for a new drillship in November 2012 with options to build four additional vessels.
In September 2013, Vantage suspended the construction of the Palladium Explorer drillship which was under construction at STX and further expressed the possibility of outright cancelation of the newbuild contract while STX underwent financial restructuring.
Updated: January 11, 2014 (Originally published January 10, 2014)
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