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Biz News Korea(Eng)

Korea’s cash-strapped DSME faces another delay in ship delivery and payment

Collected: 2016.11.24

Distributed: 2016.11.28

Source: Go Direct

Korea’s Daewoo Shipbuilding & Marine Engineering Co. (DSME) grappling with liquidity woes from dearth of new orders and payment interruptions received another setback after a U.S. client put off delivery of drill ships that should have given the financially-stricken shipbuilder $400 million.

According to DSME and industry sources on Wednesday, U.S. offshore drilling company Atwood Oceanics requested DSME to hold the delivery of two drill ships named Atwood Admiral and Atwood Archer it had ordered in September 2012 and June 2013 respectively at $600 million each.

Under the contract, Atwood Admiral was to be shipped out by the end of last year and Atwood Archer by June this year. However the U.S. contractor put off the date to September 2017 and June 2018 respectively and requested for further delay. Among the total $1.2 billion payment, the Korean shipbuilder received $800 million, leaving $400 million in balance.

DSME’s dockyards are turning crowded with completed mega-sized vessels as two drill ships pledged to Angolan state oil firm Sonangol EP are still anchored due to delivery delay, leaving a pending balance of $1 billion.

By Moon Ji-woong

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