The Korean yard Daewoo Shipbuilding & Marine Engineering (DSMW) has submitted reports of an upcoming arbitration case against Swedish Songa Offshore, the company writes in a statement. The arbitration concerns the construction of four semisub-rigs which Songa has developed along with Statoil. The rigs have been delayed significantly and have meant huge cost overruns for DSME, Songa Offshore writes.
According to the company, DSME has not provided more details on the dispute in the reports. Although recently it emerged that the yard is in significant financial trouble and presumably headed towards a large impairment and facing a debt restructuring, write several South Korean media sources.