Samsung Heavy Finds Buyer for Cancelled Stena Drilling Rig

stena rig cancelled
File photo: Stena Drilling/Samsung Heavy Industries

South Korean shipbuilder Samsung Heavy Industries says it has agreed to sell a semi-submersible drilling rig it had originally built for Stena Drilling to an unidentified European company for $500 million.

The rig, a dynamically positioned harsh environment semi-submersible named Stena MidMAX, was originally ordered by an affiliate of Stena Drilling in June 2013 with a delivery date set for 2016. Due to delivery delays, however, Stena canceled the order in June 2017.

Under the contract terms, Stena was entitled to a reimbursement of $215.4 million it had already paid for the rig, plus interest.

In a regulatory filing last week, SHI said it agreed to sell the rig to a European third-party, resolving the risk of non-payment.

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