Ocean Rig Postpones Delivery of Newbuild Drillship Ocean Rig Santorini at Samsung Heavy

Offshore driller Ocean Rig has announced it has reached a deal with South Korean shipbuilder Samsung Heavy Industries to postpone the delivery of the newbuild drillship Ocean Rig Santorini by a little over two years. Under the agreement with SHI, Ocean Rig said the drillship will now be delivered on September 30, 2019, but delivery may be pushed forward at the option of … [Read more...]

Samsung Heavy ‘Cruising’ to 2018 Order Target with $750 Million Order for Eight Containerships

South Korean shipbuilder Samsung Heavy Industries says it has been awarded an order to build eight New-Panamax containerships for an undisclosed Asian owner. The order is valued at about $752 million (820 billion KRW), the shipbuilder said. The eight vessels will be delivered by May 2021 and will serve on a route between Asia and North America. The shipowner is said to … [Read more...]

Samsung Heavy Finds Buyer for Cancelled Stena Drilling Rig

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 … [Read more...]

Samsung Heavy CEO Resigns After Surprise Loss Forecast

South Korean shipbuilder Samsung Heavy Industries has appointed a new chief executive officer after the resignation of the former CEO after forecasting another year of losses for the shipbuilder. Last week, shares of Samsung Heavy Industry plunged the most on record as the shipbuilder, one of the world's largest, surprised the market when it forecasted losses in 2017 and … [Read more...]

Samsung Heavy Industries Shares Take Record Dive on Share Sale, Loss Forecast

By Kyunghee Park (Bloomberg) -- Samsung Heavy Industries Co. plunged the most on record in Seoul trading after forecasting surprise losses and announcing a share sale plan, underscoring the bleak outlook for the global shipbuilding industry. The world’s third-largest shipbuilder said Wednesday it plans to raise 1.5 trillion won ($1.4 billion) by selling new shares in a … [Read more...]