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

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.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
Must contain at least 6 characters
Must contain at least 2 characters
Must contain at least 2 characters

Get full access for you and your coworkers

Start a free company trial today

Share article

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Further reading