Seadrill cancels delayed rig from South Korean shipyard

John Fredriksen's Seadrill has abandoned the contract for a newly built drilling rig from Hyundai Heavy Industries. With the cancellation, Seadrill gets money in the bank at a tough time for the oil industry.
Photo: Seadrill
Photo: Seadrill
BY KATRINE GRØNVALD RAUN

Seadrill has opted to cancel the contract for a new semi-submersible rig, which the drilling company had ordered at South Korean shipbuilder Hyundai Heavy Industries, according to a statement from the John Fredriksen-owned company. The rig was commissioned under somewhat different circumstances than the current offshore market conditions with low oil prices and a lack of demand from oil companies.

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